The unit is in a complex built in 1988, located near public transit. When the newlywed couple that purchased the unit walked through the door, they knew they wanted it, buyer’s agent Adam Senuik said. But their pre-approved mortgage was only $515,000. Mr. Senuik knew the condo had been on the market for two months at that time and had been reduced from $618,000. After three counter offers, the couple went back to the mortgage broker and came up with pre-approval of $525,000.
What they got
The 1,158 square-foot one-level townhouse has been fully renovated, with laminate floors, carpeted bedrooms and crown moulding, fireplace, quartz counters, heated bathroom floors and soaker tub. The complex was built in 1988 and is near transit and shops.
The agent’s take
Prices started dropping in the fall of 2018, Mr. Senuik says. “Vancouver’s property buyers are winning in a shifted market,” he says. “We have seen a lot of listings on the market much longer than the year previous.” In 2017, he’d see multiple offers drive the closing price above the asking price. It’s a different market today.
What’s hot in Greater Vancouver real estate? And what’s not? We’re well into the new year, we’ve settled back into familiar routines. It’s time for a little market analysis and look ahead to the coming months.
Sure, sales are down 39.5 per cent from last January. And there’s 9.1 per cent more listings.
But the market is stronger than it may appear.
Condos and townhouses are what’s hot in Greater Vancouver real estate
In fact, condos and townhouses are hotter than ever! They’re still selling at peak prices. They’ve been virtually unaffected by the legislative changes, or skittish buyers. We’ve already had a few recent sales that were 5-10 per cent above last summer’s spike.
Quite simply, there’s more demand for condos and townhouses for sale than there is supply. It’s the first time I can recall condos being hotter than houses.
So, if you’re looking to purchase a condo, don’t expect to find a deal. You’re going to have to jump when the right one comes up because there’s no sign they’re going to slow down in the short term.
If you’re selling a condo, it’s a great time. The provincial government’s new loan program to help first-time homebuyers with their downpayment is already driving demand. Many of those buyers are shopping for condos.
Houses are what’s not hot in Greater Vancouver real estate
The market for detached houses, on the other hand, is still cool. Especially for houses worth more than $2 million. Currently, there’s 240 of those listed for sale in Burnaby, New Westminster and the Tri-Cities. But only seven have sold.
Then again, only seven such homes sold in all of 2010.
Also feeling the pain are land value listings as builders hold off, hoping to score a deal. Difficult properties such as those with weird layouts or ones located on busy streets are presenting challenges as well.
Overall, their prices are discounted 5-10 per cent, and sometimes even as much as 20 per cent, from where they were last summer.
That’s not great news for sellers. If you’re looking to sell a high-end detached home, it might be best to hold off a little longer if you’re able; I expect the market will rebound 5-10 per cent by the time the weather warms up.
For buyers, there may be some opportunities to score a deal that would have been unattainable last summer. You could do especially well if you’re willing to throw a little sweat equity into the mix by buying a home that needs some renovation.
Of course, what’s hot in Greater Vancouver real estate, and what’s not, is always evolving. The fact remains, this is a desirable place for people to live and invest in real estate, and the general trend for property values continues to increase over time. It’s all about where and when you want to jump into or out of the market. Spring is just around the corner; traditionally that’s a busy time of year whether you’re selling or buying.
Rising amid tall evergreens, on the banks of West Smiling Creek and a natural tree-lined stream to the east you’ll find Bridlewood by Polygon – an enclave of Craftsman-style executive townhomes nestled atop Coquitlam’s Burke Mountain.
This limited collection of three and four bedroom homes offers refined architectural elements including warm cedar shingles, inviting gables and brick façades. Luxurious interiors welcome you home with bright open layouts and family-sized kitchens featuring engineered stone countertops, warm laminate flooring, and sleek stainless steel appliances. Large patios and decks let you take in the peaceful natural surroundings while you enjoy outdoor living and entertaining.
Kitchen at Bridlewood
Situated in the heart of Burke Mountain, Bridlewood offers nature at your doorstep with an exciting array of hiking and mountain biking trails and the endless adventure opportunities of the local mountains. Urban enthusiasts will appreciate the convenience of newly completed Meridian Crossing and Meridian Corner (opens fall 2014) both just steps away from Bridlewood. Coquitlam Town Centre with more shopping and dining opportunities is a short drive away, as are the future Evergreen Rapid Transit Line stations.
Bridlewood sits in an unmatched natural setting on the banks of West Smiling Creek and a tree-lined stream on Coquitlam’s Burke Mountain.
Contemporary Craftsman-style architecture marked by cedar shingles, inviting gables and brick façades.
Expansive windows and charming window boxes add character and fill homes with light.
Warm wood laminate floors throughout the main level sets the tone for rich design throughout.
Your choice of two designer colour schemes in dark or light so you can “make it your own”.
Modern flat panel or shaker style cabinetry in two colour schemes elegantly matched with contemporary chrome pulls.
Luxurious engineered stone countertops and full-height imported ceramic tile backsplash.
Generous decks/patios and private fenced yards bring entertaining outdoors.
Convenient main floor powder room with stylish porcelain tile flooring, a contemporary wall-mounted or vanity sink, and a dual-flush toilet.
A central kitchen island in every home makes kitchen preparations and entertaining easy.
Secure double car garages provide a safe haven for your things and keep your vehicles protected from the elements.
A fireplace and custom mantel surround (some homes) creates a cozy ambience.
The Grove at Victoria Hill – 2 Bed, 2 Bath, 951 SF West Facing unit overlooking the inner courtyard with Large Balcony. Very Quiet and surrounded by Greenspace this unit features a very spacious & open Living/Dining/Kitchen Area. Gourmet Kitchen with stainless steel appliances, lots of cabinets & island. Ideal Floorplan with two bedrooms located on opposite sides of the living room, Master Bedroom has walk-through closet leading into a Full Bathroom. Great Amenities at the Boiler House: Gym, Theatre, Study, Party Rm/Lounge, Outdoor Basketball Court. Central Locations, steps to Queens Park, 15min walk to Skytrain or 10 min Bus. Won’t last! Must See!
Summerlin at “Silver Springs”. This suite has The Works! TOP FLOOR, 942ft², 2 Bedroom, 2 Bathroom with a HUGE Covered Balcony (Over 240ft²!), 2 Parking Stalls & 1 Storage Locker! This suite is great for entertaining, it features an open floorplan, large living/dining area, gourmet kitchen with Maple Shaker Cabinets & Stainless Steel appliances (including a Gas Range), Spacious Master Suite with Walk-In Closet & large ensuite bathroom with separate his & her sinks! Resort like Amenities at Cascade Club with outdoor pool, hot tub, gym & billiards lounge. 2 dogs/cats allowed, rentals allowed. Short walk to Coquitlam Centre, Douglas College, Larfarge Lake, Hiking, Shops & Future Evergreen Line Skytrain Station.
Well Kept Home in a Great Cloverdale Hilltop Neighborhood! Home has 3 bedrooms & 2 Bathrooms upstairs, 2 Bedrooms & 1 bathroom downstairs, 2 Kitchens, suite (not currently rented out). Over 2500 sqft of living space with 2 car attached garage (additional uncovered parking as well) and a HUGE fully fenced west facing backyard, all situated on a large 7799 SF lot! Newer updates incl: high efficiency furnace (2006), hotwater tank (2010), roof (2007), gutters & downspouts (2007), paint (2012), new balcony (2011). Excellent floorplan: Spacious & open Family/Kitchen/Living/Dining area on the main. Enjoy the large balcony off the Kitchen leading onto a brick patio and spacious yard. Steps to Sunrise Ridge Elementary & Public transit.
Whittaker at Victoria Hill – Stunning 875sq. 2 bedroom, 2 bath corner unit. Built in 2010 & under warranty. This suite features a HUGE private patio, laminate flooring, gourmet kitchen with granite counters, stainless steel appliances and lots of cabinets. Located just steps to Queens Park and a 10min walk or quick bike ride to the Columbia Skytrain Station. Impressive amenities at the Boiler House which features a huge gym, lounge area, reading area, media room, meeting room & basketball court. 1 parking stall included. Rentals allowed & pets allowed with restrictions. Centrally located in New Westminster’s Victoria Hill master planned community. Close to shops, schools & the Quay
Copperstone at the centre of the Lower Mainland. This immaculate 2bedroom 2bathroom NorthWest 1034 square-foot corner suite includes: laminate flooring, crown mouldings, stainless steel appliances, upgraded paint, lights and fixtures, in-suite laundry, security system, and more. Sit and enjoy the afternoon sun on the private covered 9’x11′ balcony. Spacious living areas and open floor plan. This unit faces NorthWest onto the quiet treed courtyard with a glimpse of the mountains. Steps from the trendy Sapperton area that boasts a Thrifty’s (open 24hrs), Starbucks, shops, bistros, boutique gift shop, spa, and bakeries… Close to freeway access and only a 3 minute walk to the skytrain. Built in 2008, 2-5-10 warranty, 2 parking, 1 locker, Pets & Rentals Welcome.
PENTHOUSE – TOP FLOOR, North West Corner Unit, 2 Bed – Den (Could be 3rd bedroom) with 10′ Ceilings (Living Room), 2 Large Balconies and PANORAMIC VIEWS from North Shore Mountains & Fraser River, all the way to the Gulf Islands. This suite is very well kept and it has the best layout & view in the building! It features a great floor plan, large living/dining room area, gas fireplace in the living room, large master suite with plenty of closet space & spacious ensuite, and in-suite storage. 2 Parking Stalls & 1 Storage Locker Included. Great location! Just 1 block from Gateway Skytrain Station and close to grocery shopping and all amenities. Must See!
THE GROVE at VICTORIA HILL – West Facing TOP FLOOR 2 Bed, 2 Bath, 933 SF Suite, with Vaulted Ceilings, open floor plan and balcony. This suite is in immaculate condition. It features laminate flooring in the living/dining room, spacious kitchen with lots of cabinets (granite coutners & stainless steel appliances as well), in-suite laundry, bedrooms on opposite sides of the living room (and both have plenty of closet space), & bathrooms have granite counters as well. This suite includes 2 Parking Stalls & 1 Storage Locker. Excellent Amenities at the BOILER HOUSE including: Gym, Theatre, Study Area, Lounge, Basketball Court. Steps to transit Close to Skytrain, Queens Park & Shops. Rentals allowed & Pets Allowed with Restrictions
Victoria Hill – TOP FLOOR 2 Bed, 2 Bath, 903 SF Suite with VAULTED CEILINGS & large Balcony facing North-West. This unit is in immaculate condition, it features many upgrades including: Stone Fireplace & New Mantle, New Window Screens, New Blinds, Ceiling Fans, New Hot Water Tank, New Lighting in Kitchen & Dining Room & ‘California Closet’ Shelving in the Master. Great floorplan, open concept Kitchen/Living/Dining Area. Kitchen Features plenty of cabinets, granite counters & Stainless Steel appliances.
Building Amenities includes: gym, Games Rm, Reading Area/Lounge & Guest Suite. Excellent Location,Surrounded by GreenSpace, close to transit, shopping & Queen’s Park. 1 Parking & 1 Locker Included. LOW STRATA FEE! Must See!
GLENBROOKE TOWNHOME -End Unit, Over 1600SF, 3 Bed (Up), 3 Bath with 2 Car Tandem Garage PRICED UNDER TAX ASSESSMENT, Partial River & Mountain View. Fronts on to Francis Way (Facing West), Enjoy the 3 Balconies & 1 Large Ground Level Patio, Open Concept Main Floor, Large Tandem Garage with plenty of Storage Space, Built in 2007 by Onni Group. Home feature Granite in Kitchen & Bathrooms, Engineered Hardwood Flooring on the Main, Living Room with Electric Fireplace, Spacious Kitchen with lots of cabinets & Stainless Steel appliances. Large Master Suite with Walk-In Closet, Ensuite & Private balcony. Excellent Amenities at the Boiler House Including: Gym, Theatre, Study Area, Lounge/Party Area, Basketball Court. Must See!