recently-sold-vancouver-home-loses-$820k-in-just-over-one-year
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Recently sold Vancouver home loses $820K in just over one year

ByAmir Ali

A recently sold Vancouver home lost some big money in just over a year. The home at 6869 Beechwood Street was listed for sale in September 2023 for $9,998,000, but it didn’t sell for over a year after that last week for $7,281,580. It sold for nearly $3 million under the asking price of $9,998,000. According to Zealty, the home was last sold in May 2023 for $8,100,000, with the same asking price of $9,998,000. That means that between May 2023 and November 2024, there was a loss of $819,420. Zealty says the Beechwood Street home in the Vancouver SouthWest Marine region was built in 2018. It features seven bedrooms and nine bathrooms, and is a sizeable 7,889 sq ft. The lot is quite large, at 11,814 sq ft. Royal Pacific Realty Corp. Royal Pacific Realty Corporation’s listing says the home is an “exquisite mansion” with premium hardwood flooring and European stone throughout. Royal Pacific Realty Corp. It also features an indoor swimming pool, sauna, hot tub, and even golf training equipment, but the listing doesn’t include pictures of the fun stuff. Royal Pacific Realty Corp. The home’s most recent assessed value was $6,702,000. Royal Pacific Realty Corp. After the Vancouver home sold, there was discussion on X surrounding the amount it lost compared to the previous sale. Massive loss of capital. Almost 1 mil. That stings big time. — Law of Reflection (@david_door57003) November 15, 2024 This is another example of a long line of similar sales over the past year, with many owners looking to sell for more than the assessed value but having to bring the price down to snag a buyer. “October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Greater Vancouver Realtors in last month’s report. Earlier this month, we spoke to Ryan Dash, who works with eXp Realty and is one of the people behind the Vancouver Life Real Estate Podcast ; he also had some thoughts on the current real estate climate. Dash said there’s been a bit of a stalemate, as everyone thought buyers would flood the market after rates went down. Instead, sellers flooded the market. “They wanted to sell and move on and a lot of sellers that wanted to sell a year ago chose not to because interest rates were so high.” After that, inventory wasn’t moving, and sellers kept flooding the market with housing supply. “We’ve seen a lot of buyers sit on the sidelines, and they’re letting sellers compete. Sellers are lowering their prices to try and make buyers come and put a deal together.”

host-first-nations,-bc.-govt-to-build-2,600-below-market-homes-in-vancouver
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Host First Nations, B.C. government to build 2,600 below-market homes in Vancouver

ByCharlie Carey

Posted September 19, 2024 9:39 am. Last Updated September 19, 2024 10:24 am. A new housing project on the lands of the  xʷməθkʷəy̓əm  (Musqueam),  Sḵwx̱wú7mesh  (Squamish), and  səlilwətaɬ  (Tsleil-Waututh) Nations will create 2,600 new affordable homes. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! The homes will be at Heather Lands, an 8.5-hectare (21-acre) lot between West 33rd and West 37th avenues on Heather Street, just east of Queen Elizabeth Park. The province says buyers will be able to purchase the homes at 60 per cent of market value — with 40 per cent of the cost covered by provincial financing. In an announcement Thursday, Premier David Eby explained the financing agreement isn’t a grant or a subsidy, it’s a loan from the province. “The 40 per cent is repaid at the end of 25 years, or when the owner sells. … What we have created here, together, is a financing tool that protects taxpayers, that minimizes impact on public budgets, and yet, at the same time, delivers affordable housing now,” Eby explained. “And when the loan is paid back by the homeowner, [it] protects affordability in the future,” he added. Eby shared that the homes will be sold as 99-year strata-leaseholds with Musqueam, Squamish, and Tsleil-Waututh Nations. “The unit prices will be determined at the time they actually go up for sale, but if they were for sale today, under current market conditions, a studio apartment on the site would sell for $620,000. Under this program we’re announcing today, that same studio apartment will sell for $370,000,” he said. “On this site today, the market price for a two-bedroom condo is $1.3 million. Under this program that we’re announcing today, that will be $780,000.” Eby added priority will be given to first homebuyers, and there will be “strict” criteria around income and asset ceilings for would-be purchasers. “I want to assure you that we will have strict rules and screening measures in place, and anyone who thinks that they can game the system when we detect that, there will be serious consequences.” The province says that to cover the 40 per cent of purchase prices, it will need to finance an estimated $670 million. If purchasers would like to buy out the remaining 40 per cent of the value of the home, Eby shared owners are able to do just that, “but if they exit in advance of 25 years, then they need to pay the appreciation in the value of the property as well.” “Say property values go up, they would have to pay that share of the government’s appreciation of the property as well. And say, property values go down, they would still have to pay the full amount back to the government that was loaned at the first instance,” he added. More to come.

median-luxury-home-price-in-vancouver-down-1.8-per-cent-from-2023:-report
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Median luxury home price in Vancouver down 1.8 per cent from 2023: report

ByCharles Brockman

Posted September 19, 2024 10:46 am. Vancouver’s luxury home market is still soft, according to the latest report from Royal LePage, but that doesn’t mean prices are dropping. The real estate group says sales in the segment are down almost 40 per cent through the first eight months of the year, compared to the same time last year. But prices barely fell — by less than two per cent — to a little under $7 million. The report considers $ 5.5 million to be the entry-level price for Vancouver’s luxury market. It says from January to the end of August, the median luxury home price in Vancouver was $6,975,000 — the highest in the country. For comparison, the median in Toronto over the same period was $5,820,000. “In Vancouver’s luxury segment, it seems everyone is trying to time the bottom of the market. As such, we’ve seen a slowdown in activity of late. After all, buyers love to buy when others are buying,” said a sales representative for the company. He says a “pullback” in Vancouver’s luxury market began about eight years ago, and activity has never fully rebounded. “The implementation of the 2023 foreign buyer ban, which has limited residential real estate purchases by non-Canadians, has reduced demand, although it has not had a material impact on prices,” he added. Royal Lepage expects moderate activity levels through the fall, despite the likelihood of additional interest rate cuts.