real estate

New Metro Vancouver real estate offer: Buy a townhouse, get a Tesla

This week, the escalating arms race between developers seeking to attract prospective buyers for their condominium and townhouse projects in Metro Vancouver reached new heights.

“We will include a free Tesla for every home you buy, “said Celia Chiu, Viridian Homes sales manager.. 

In its Viridian development overlooking the Nicomekl River, Developer Century Group offers a Model 3 Tesla base model with each of the remaining 10 homes.

Chiu said the rest of the homes have been on the market for the past year, but the whole community has “been around for two years and we wanted to take it to the next level with a market having a kind of subtle stall.”

The townhouse project includes 57 units, each with a living space of over 2,000 square feet and a price tag starting at just over $1 million.

The offered Teslas is valued at $55,000. The promotion will be available from Saturday onwards and will continue until October 31 or until the final 10 units are sold in the development.

“An incentive like this does have to have a wow factor,” Chiu added.

Each of the remaining units is fitted with a charging station for electric vehicles, something Century Group president Sean Hodgins said in a release reflects the project’s “innovative design with energy-efficient capabilities.”

 

Century Group is far from being the first developer to give potential buyers an incentive as the once white-hot real estate market in Vancouver has cooled in latest months. Earlier this year, Woodbridge Homes announced a plan to attract millennial home buyers to their West Coquitlam Kira development by providing them a year-long free avocado toast.

One month ago, Wesgroup Properties provided purchasers a glass of wine per day for a year if they bought a house during the month of June at MODE in South Vancouver.Real estate agent Gurdial Badh told CTV News Vancouver he admires the move. “Either he does that or does a price reduction to come in line with what the market is today.”

In recent months, the market has been soft, leading to lower rates, but sales are rising.

“We’re seeing a lot more activity on the lower range and once the low range starts moving then obviously it will have an impact on the higher price range properties,” said Badh.

What’s the future holding? Badh said there’s a lot to do with who’s forming the next federal government after October 21 election day.

“The primary thing that I believe the state wants to do is to assist these first-time buyers,” he said, hoping the market will pick up pace again.

Source URL: “https://bc.ctvnews.ca/new-metro-vancouver-real-estate-offer-buy-a-townhouse-get-a-tesla-1.4592813

The lowest June home sales since Y2 K for Metro Vancouver, the benchmark price drops below $1 M

June house sales across Greater Vancouver were the lowest since 2000 because for the first time in two years, the benchmark cost for all households in the region fell below $1 million.

The Greater Vancouver Real Estate Board (REBGV) claims 2,077 homes sold in June, down 14.4 percent year-on-year and down 21.3 percent from this year’s May.

According to the board, sales were also 34.7 percent below the June 10-year average and the 19-year lowest for the month.

The pace of new market listings has slackened, with a 10% fall in new homes added to the market since June 2018, the REBGV said.

However, inventory continued to stack up, with just under 15,000 homes listed for sale — up 25.3 per cent from the same month last year and up a modest 1.9 per cent from May 2019, it said.

As sales continue to soften so, too, do prices.

The benchmark price for all home types was $998,700 in June, the lowest it has been since May 2017, the REBGV said.

For detached homes across the region, the benchmark price was $1,423,500, down 10.9 per cent year over year and 9.2 per cent over three years but up 0.1 per cent from May.

For apartments, the benchmark price was $654,700 in June, down 8.9 per cent year over year and 1.4 per cent from May.

Drilling deeper into numbers shows some wilder swings in pricing.

The benchmark price for a detached home in West Vancouver was down 12.9 per cent from last June. It was also down 13.1 per cent in Richmond, 14 per cent on Vancouver’s west side and 12.6 per cent in South Burnaby.

Condo prices, which have better resisted the cool-down, also saw significant movement in some sub-regions.

The benchmark price of a condo was below $500,000 in Ladner, Maple Ridge, Pitt Meadows, Port Coquitlam and Tsawwassen and under $600,000 in East Vancouver, Coquitlam, New Westminster and North Vancouver.

The REBGV said the sluggish market means buyers are seeing the most choice in five years but that sellers continue to hold on, hoping for “yesterday’s value for their homes.”

Source URL: “https://globalnews.ca/news/5456739/vancouver-june-2019-home-prices/

Find The Best Neighborhoods For The Future in Greater Vancouver

With Greater Vancouver real estate prices among the highest in Canada,homebuyers are increasingly looking for value beyond just bricks and mortar, and quality of life is emerging as a key factor in finding the right neighbourhood.

 

The quality of life develops as a main factor in picking the right neighborhood as homebuyers seek value beyond bricks and mortar.

So, what provides an advantage to a neighborhood in attracting fresh inhabitants??

According to a RE/MAX 2019 Best Places to Live Liveability Report, six in 10 Canadians put easy access to shopping, dining and green spaces at the top of their liveability criteria. Proximity to public transit, work, preferred schools, and cultural and community centres were also listed as important because Canadians spend more than two-thirds of their time in their own neighbourhood, with the rate being even higher among baby boomers compared to Gen Z, millennials and Gen Xers.

RE / MAX brokers in Vancouver listed Main, the West End and Kerrisdale among the top three neighborhoods for access to green areas and parks, walkability, retail and restaurants, and ease of moving / public transportation with Main standing out as the “hidden gem.”

 

 

Mount Pleasant, Downtown-Vancouver West and Renfrew-Collingwood are the top three neighborhoods for affordability and excellent housing stock.

Christopher Alexander, executive vice-president, RE/MAX of Ontario-Atlantic Canada says when buyers are looking for a home, the search begins at the neighbourhood level.

In terms of cost, some Greater Vancouver neighborhoods have turned significantly in favor of buyers, according to a fourth-quarter 2018 survey of the Zolo real estate website, whose list of top 10 neighborhoods to purchase a single-family home included Marpole in Vancouver West, Saunders and Lackner in Richmond, West Cambie and Steveston North, Hastings East and Collingwood in Vancouver East, Queen.

Source:URL: “https://vancouversun.com/homes/buying-selling/finding-the-best-up-and-coming-neighbourhoods-in-greater-vancouver