April 2014 of this year saw increased growth in the buyer and seller demand for real estate. With 3,050 homes being sold in April alone, the total listings continue to increase from December of last year with the most amount of total listings available in April at 15,515. The current Sales-to-Active Listing Ratio is hovering around 19.7% and is just about to begin a "sellers" market trend.

 

Overall home prices continue to increase in value and since April of 2013 homes have seen a 3.6% increase in value. The bench mark price for detached homes has remained high due to the low quanitty.

 

If you have any additional real estate questions please don't hesitate to contact us.

 

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Purchasing a home is a very strong drive for Canadians and a deep routed cultural trend in this country. Nearly 1/3 of all homes sold each year are new construction and the new construction market is booming!

 

There are quite a few things to keep in mind when it comes to deciding on whether to buy a new construction or to buy a previously owned home in an established neighbourhood. Here are a few things to consider when buying new:

 

1. Do Your Research

  • You must be extremely diligent when it comes to pre-sale homes because of the overwhelming amount of bad developers.
  • Review all the contracts, statements, terms and conditions, etc regarding the sale of the property. Some developers wipe their hands clean once a unit or property is sold.
  • Explore the area and neighbourhood. Some construction projects are built on unsuitable land and others in undesirable areas.
2. Understand the Risks
  • Tax. All new construction in BC has GST (5%) applied and if you are not a first time home buyer you will also have to consider Property Transfer Tax (PTT).
  • Consider the market. Sometimes you can put a down payment on a property that takes 1 or 2 years to complete and in that time the market has dropped substantially. You cannot withdraw without financial and legal consequences.
  • Construction. You are never guaranteed a completion date and you may be moving into a construction zone depending on how many phases or other buildings are being constructed around you.
3. Advantages to Buying New
  • You can customize your home within the developers specifications and scope of the work. You also get warranties with your purchase, usually a 2-5-10 warranty.
  • You getting the latest trends and electronics on the market and have access to new materials that are usually in high demand.
  • You have a New home!

 

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Railtown, or formerly known as east of Gastown or the DTES (Downtown Eastside) is developing at an unpresidented rate. Because of the former industrial aspect of the area, a lot of development houses, creative agencies and creative business individuals are flocking to the area. Old warehouses and munitions factories are being transformed into creative office spaces for furntiure manufacturers, high tech software companies, creative design and development agencies and varying studios.

 

The reason for the massive move east is the price. Gastown prices are almost 50-100% more than Railtown prices and you get more bang for your buck. Gastown is also very condenced and hard to manage a business that may require parking, shipping and larger vehicle access.

 

Along with this amazing new trend, come new businesses and jobs. With those come the development of residential and commercial spaces. There are quite a few new projects being developed in Chinatown and along Hastings int eh DTES which is driving up demand and prices are sure to follow.

 

If you were considering buying a commercial or residential property in a new and developing area, Railtown might be your ticket to success. The same trend is happened with Main street. This unique street used to separate the higher income from the lower income, but with young families and individuals having increasingly difficult times buying property, everyone is moving east. This is bring new ideals, disposable income and strong values into lower income neighbourhoods, increasing neighbourhood prices.

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Robson Square has been selected as the new location for a unique style of modern outdoor design. The approved "Urban Reef" plaza design will be constructed right at Robson Square above the UBC Ice Rink and steps away from the Vancouver Art Gallery. The whole idea is to create an area that invites people to sit, relax and play.

 

There were 78 entries into the Robson Redux design competition and the Urban Reef design, created by Kaz Bremner, Jeremiah Deutscher, Michael Siy and Kennth Navarra, was chosen as the winner. These local architects, designers and carpenters will provide a very unique design perspective in one of the busiest outdoor areas in the city.

 

For the past 3 years, the city has been transforming the 800 block of Robson street, more commonly called Robson Square, into unique and appealing outdoor spaces for tourists and locals alike. The idea is to encourage individuals to slow down, pause and connect with others in a unique and inviting urban space.

 

The installation will start in June to be ready for July 1st Canada Day and will last until Labour Day, where it will be deconstructed afterwards.

 

With the announcement of the new Microsoft office in newly renovated Pacific Centre with 400+ jobs, this unique outdoor space will now offer a perfect relaxation place outside in the sun!

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