Vancouver real estate market in November saw sales down, listings down, prices down in Greater Vancouver.
In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.
Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.
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Vancouver real estate in the West End saw November listings up from October to 281 and is a record high for the year. Sales were down from 16 to 15 and is a record low for the year. The days on the market for condos that sold dropped 65 to 45. The average selling price increased from $370,468 to $375,433 and is a 35% drop since January. 9 of the sales were under $400,00 and the highest price was $732,000. The West End has over 18 months of inventory on the market. The average $ pr sq ft for those West End condos that sold dropped under $500 for the first time this year.
Listings - 281
2008 Listings - Jan 168, Feb 172 , Apr 232 , May 241 , June 235, July 235, Aug 246, Sept 257, Oct 268, Nov 281
Sales - 15
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December 2008 sees the opening of North America's first Shangri-la hotel/condo, which also has the distinction of being Vancouver's tallest building with over 60 storeys and 293 suites, mostly 1 and 2 bedrooms. Located at 1128 West Georgia Street, on the corner of Thurlow this is Vancouver's most exotic and sophisticated architecture. The hotel occupies the first 15 floors.
Architect - James KM Cheng Architects and featuring LEED silver sustainable development
Developer - Peterson Development Group and Westbank Projects
Landscape - bamboo grove, galleria and waterfalls. Extensive greening on the tower facade. Inspired by the imaginary land in James Hilton's legendary novel Lost Horizon
Quality - high performance, commercial curtainwall, ultra high ceilings, geothermal heating/air conditioning, Boffi kitchens from Italy, Eggersmann kitchens from Germany, Miele appliances, Sub-Zero fridges and wine coolers
Security - 24 hour 5 star hotel trained concierge and security. Digital video surveillance. Electronic access control system
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For the 28th year the Vancouver Bach Choir, the audience and the Vancouver Symphony Orchestra will bring down the house with the choruses Handel's beloved oratorio. Directed by Vancouver Bach Choir Music Director Bruce Pullun
Orpheum Theatre December 14th 2.30pm, Seymour at Smithe
An extraordinary shopping experience for all. Holiday shop for exceptional gifts from more than 200 North American artisans. Meet the artists and learn about their creative inspirations. Buy directly from the artisans and buy someone's story and passion.
November 20-25 at BC Place Stadium, 777 Pacific Boulevard, Vancouver
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