[ March 12th, 2010 ]

 SOLD  - West Vancouver / 779 Eyremount Drive / $3,200,000 / $454 psf / view here

[ March 11th, 2010 ]

 SOLD  - Vancouver / #1702-1139 W Cordova Street / $4,000,000 / $1,667 psf / view here

[ March 4th, 2010 ]

 SOLD  - Vancouver / 2527 West 34th Avenue / $3,230,000 / $746 psf / view here

 SOLD  - Vancouver / 4072 West 11th Avenue / $3,180,000 / $678 psf

[ March 2nd, 2010 ]

 SOLD  - Vancouver / #2509-1011 W Cordova Street / $5,350,000 / $2,004 psf / view here

[ February 22nd, 2010 ]

  NEW   - Vancouver / 5937 Adera Street / $5,000,000 / $914 psf / view here

  NEW   - Vancouver / #4801-1128 W Georgia Street / $3,280,000 / $1,302 psf / view here

[ February 19th, 2010 ]

  NEW   - Whistler / 7433 Treetop Lane / $4,495,000 / $1,284 psf / view here

  NEW   - Vancouver / 2331 West 23rd Avenue / $3,270,000 / $843 psf / view here

  NEW   - Vancouver / 2915 West 39th Avenue / $3,290,000 / $855 psf / view here

[ February 18th, 2010 ]

  NEW   - Vancouver / #1502-1560 Homer Mews / $3,890,000 / $1,898 psf / view here

[ February 17th, 2010 ]

  NEW   - Vancouver / #1801-1515 Homer Mews / $3,090,000 / $1,405 psf / view here

[ February 16th, 2010 ]

  NEW   - West Vancouver / #7-2575 Garden Court / $4,490,000 / $1,023 psf / view here

  NEW   - Vancouver / #601-1560 Homer Mews / $4,880,000 / $2,357 psf / view here

  NEW   - Vancouver / #603-1560 Homer Mews / $5,380,000 / $2,423 psf / view here

[ February 15th, 2010 ]

  NEW   - Vancouver / #2808-1011 W Cordova Street / $4,500,000 / $1,940 psf / view here

  NEW   - Vancouver / #2909-1011 W Cordova Street / $6,290,000 / $2,356 psf / view here

  NEW   - Vancouver / #1100-9 Smithe Mews / $3,395,000 / $1,167 psf / view here

  NEW   - Whistler / 2572 Snowridge Crescent / $6,495,000 / $1,674 psf / view here

[ February 14th, 2010 ]

  NEW   - Whistler / 3314 Lakeside Road / $5,995,000 / $1,199 psf / view here

  NEW   - Whistler / 5638 Alta Lake Road / $3,500,000 / $1,296 psf / view here

  NEW   - Vancouver / 1354 Matthews Avenue / $6,850,000 / $1,054 psf / view here

[ February 9th, 2010 ]

  NEW   - Vancouver / 1511 West 35th Avenue / $4,980,000 / $778 psf / view here

  NEW   - Vancouver / #2509-1011 W Cordova Street / $5,490,000 / $2,056 psf / view here

[ February 8th, 2010 ]

 SOLD  - Whistler / 6677 Crabapple Drive / $3,750,000 / $893 psf / view here

  NEW   - Vancouver / #3206-1011 W Cordova Street / $5,250,000 / $2,263 psf / view here

  NEW   - Vancouver / #2707-1011 W Cordova Street / $3,590,000 / $2,006 psf / view here

[ February 5th, 2010 ]

 SOLD  - West Vancouver / 2924 Rosebery Avenue / $14,866,000 / $826 psf / view here

 SOLD  - Whistler / 4917 Horstman Lane / $3,100,000 / $738 psf

 SOLD  - Whistler / 4909 Horstman Place / $8,050,000 / $1,610 psf / view here

[ February 3rd, 2010 ]

 SOLD  - Vancouver / 1102 West 48th Avenue / $3,550,000 / $754 psf / view here

[ January 29th, 2010 ]

  NEW   - Vancouver / 3639 Osler Street / $16,800,000 / $1,101 psf / view here

 SOLD  - Whistler / 4811 Glacier Lane / $9,100,000 / $1,400 psf / view here

[ January 28th, 2010 ]

  NEW   - Vancouver / #1701-1139 W Cordova Street / $6,650,000 / $1,827 psf / view here

 SOLD  - Vancouver / 8625 Angus Drive / $3,600,000 / $446 psf

  NEW   - Vancouver / #3102-1483 Homer Street / $5,000,000 / $2,058 psf / view here

 SOLD  - Vancouver / #1902-1077 W Cordova Street / $2,880,000 / $1,455 psf / view here

[ January 27th, 2010 ]

 SOLD  - Whistler / 4957 Horstman Lane / $4,000,000 / $998 psf / view here

  NEW   - Vancouver / 3390 The Crescent / $17,900,000 / $1,702 psf / view here

  NEW   - West Vancouver / 4397 Erwin Drive / $3,245,000 / $530 psf / view here

[ January 26th, 2010 ]

  NEW   - Vancouver / #220-1328 Marinaside Cr. / $4,190,000 / $1,569 psf / view here

[ January 25th, 2010 ]

 SOLD  - Vancouver / 3998 West 34th Avenue / $4,045,000 / $720 psf / view here

  NEW   - Vancouver / #3504-938 Nelson Street / $3,090,000 / $987 psf / view here

 SOLD  - West Vancouver / 2464 Bellevue Avenue / $3,500,000 / $868 psf

  NEW   - Vancouver / 6833 Churchill Street / $7,000,000 / $1,025 psf / view here

 SOLD  - West Vancouver / #401-2275 Twin Creek Pl / $3,736,125 / $828 psf / view here

[ January 22nd, 2010 ]

 SOLD  - Whistler / #81-4617 Blackcomb Way / $4,300,000 / $1,164 psf / view here

  NEW   - Vancouver / 3885 Selkirk Street / $7,800,000 / $1,589 psf / view here

[ January 21st, 2010 ]

 SOLD  - Vancouver / 3640 West 38th Avenue / $3,580,000 / $673 psf / view here

  NEW   - Vancouver / 2741 West 43rd Avenue / $3,850,000 / $819 psf / view here

[ January 20th, 2010 ]

 SOLD  - Vancouver / 3808 West 13th Avenue / $3,768,000 / $856 psf / view here

 SOLD  - Vancouver / 1068 West 45th Avenue / $3,600,000 / $797 psf / view here

  NEW   - Vancouver / 6012 Newton Wynd / $13,850,000 / $2,080 psf / view here

 SOLD  - Vancouver / #4701-938 Nelson Street / $4,375,000 / $875 psf / view here

[ January 19th, 2010 ]

 SOLD  - Vancouver / 2172 West 36th Avenue / $3,768,000 / $702 psf / view here

  NEW   - Vancouver / 6012 Newton Wynd / $13,850,000 / $2,080 psf / view here

 SOLD  - Vancouver / #107-426 Beach Crescent / $3,650,000 / $1,496 psf / view here

  NEW   - Vancouver / 2527 West 34th Avenue / $3,380,000 / $781 psf / view here

 SOLD  - Vancouver / 1311 Minto Crescent / $5,200,000 / $724 psf

[ January 18th, 2010 ]

 SOLD  - Vancouver / 6463 Balsam Place / $3,005,000 / $489 psf / view here

[ January 13th, 2010 ]

  NEW   - West Vancouver / 1552 Haywood Avenue / $3,180,000 / $654 psf / view here

 SOLD  - Vancouver / 3883 Cartier Street / $5,500,000 / $610 psf / view here

  NEW   - Vancouver / 4589 Haggart Street / $3,730,000 / $806 psf / view here

[ January 11th, 2010 ]

  NEW   - Vancouver / 3808 West 13th Avenue / $3,490,000 / $793 psf / view here

[ January 8th, 2010 ]

 SOLD  - West Vancouver / 4516 Caulfeild Lane / $3,900,000 / $639 psf / view here

  NEW   - Vancouver / #4701-1128 W Georgia Street / $3,800,000 / $1,526 psf / view here

 SOLD  - West Vancouver / 2339 Constantine Place / $3,236,000 / $635 psf / view here

[ January 6th, 2010 ]

  NEW   - Vancouver / #4602-699 Howe Street / $6,650,000 / $1,900 psf / view here

[ January 5th, 2010 ]

 SOLD  - Vancouver / 1833 West 35th Avenue / $3,568,000 / $901 psf / view here

[ December 31st, 2009 ]

 SOLD  - West Vancouver / #402-2535 Garden Court / $3,900,000 / $880 psf / view here

  NEW   - Vancouver / 3312 Deering Island Place / $3,780,000 / $917 psf / view here

 SOLD  - Vancouver / 2135 West 37th Avenue / $3,630,000 / $738 psf / view here

[ December 30th, 2009 ]

 SOLD  - West Vancouver / 1128 Hillside Road / $7,580,000 / $668 psf / view here

  NEW   - Vancouver / #107-426 Beach Crescent / $3,580,000 / $1,467 psf / view here

[ December 29th, 2009 ]

 SOLD  - Vancouver / 1350 West 32nd Avenue / $7,500,000 / $875 psf / view here

[ December 22nd, 2009 ]

 SOLD  - Vancouver / 1397 Matthews Avenue / $5,000,000 / $583 psf / view here

[ December 20th, 2009 ]

  NEW   - Kelowna / 2488 Abbott Street / $5,990,000 / $899 psf / view here

  NEW   - Surrey / 16363 26th Street / $4,000,000 / $567 psf / view here

  NEW   - Whistler / 6705 Crabapple Drive / $4,490,000 / $898 psf / view here

[ December 19th, 2009 ]

  NEW   - Victoria / 2055 Edgecliffe Place / $3,300,000 / $525 psf / view here

  NEW   - Kelowna / 1543 Vineyard Drive / $6,595,000 / $950 psf / view here

[ December 18th, 2009 ]

  NEW   - Vancouver / 6032 Collingwood Street / $4,880,000 / $758 psf / view here

[ December 17th, 2009 ]

 SOLD  - Vancouver / 1929 Whyte Avenue / $3,180,000 / $830 psf / view here

 SOLD  - Whistler / 3205 Archibald Way / $3,400,000 / $680 psf / view here

[ December 15th, 2009 ]

  NEW   - West Vancouver / 4642 Clovelly Walk / $5,695,000 / $714 psf / view here

[ December 14th, 2009 ]

 SOLD  - Vancouver / 2477 McBain Avenue / $3,280,000 / $835 psf / view here

  NEW   - Vancouver / #4703-1128 W Georgia Street / $3,500,000 / $1,440 psf / view here

[ December 13th, 2009 ]

  NEW   - Vancouver / #3602-1211 Melville Street / $3,180,000 / $1,479 psf / view here

[ December 11th, 2009 ]

 SOLD  - Vancouver / 4716 Belmont Avenue / $15,200,000 / $1,340 psf / view here

  NEW   - Vancouver / #4704-1128 W Georgia Street / $3,500,000 / $1,464 psf / view here

  NEW   - Vancouver / #5703-1128 W Georgia Street / $4,160,000 / $1,698 psf / view here

[ December 9th, 2009 ]

  NEW   - Vancouver / #110-1328 Marinaside Crescent / $3,900,000 / $1,378 psf / view here

 SOLD  - Vancouver / 2775 West 31st Avenue / $3,252,000 / $870 psf / view here

[ December 8th, 2009 ]

  NEW   - West Vancouver / 680 Holmbury Place / $4,895,000 / $738 psf / view here

  NEW   - West Vancouver / 391 Moyne Drive / $3,700,000 / $521 psf / view here

 SOLD  - Vancouver / #1702-1101 W Cordova Street / $5,360,000 / $2,062 psf / view here

[ December 4th, 2009 ]

 SOLD  - Vancouver / #2302-1011 W Cordova Street / $3,798,000 / $2,195 psf / view here

[ November 30th, 2009 ]

 SOLD  - Vancouver / #3202-1281 W Cordova Street / $2,810,000 / $1,456 psf / view here

[ November 27th, 2009 ]

 SOLD  - Whistler / 3082 St. Anton Way / $9,000,000 / $1,800 psf / view here

 SOLD  - West Vancouver / 3040 Rosebery Avenue / $5,700,000 / $607 psf / view here

[ November 26th, 2009 ]

  NEW   - West Vancouver / 7 Ocean Point Drive / $5,500,000 / $1,091 psf / view here

 SOLD  - Vancouver / 1098 Wolfe Avenue / $4,500,000 / $791 psf / view here

[ November 25th, 2009 ]

 SOLD  - Vancouver / 5662 Elm Street / $3,030,000 / $676 psf / view here

  NEW   - Vancouver / #2101-1077 W Cordova Street / $3,200,000 / $1,600 psf / view here

  NEW   - Vancouver / 2705 Oliver Crescent / $3,290,000 / $841 psf / view here

[ November 24th, 2009 ]

 SOLD  - Vancouver / #PH2-1500 Alberni Street / $3,880,000 / $902 psf / view here

[ November 23rd, 2009 ]

 SOLD  - Vancouver / 1333 West 54th Avenue / $7,700,000 / $766 psf / view here

  NEW   - Vancouver / #2302-1011 W Cordova Street / $4,075,000 / $2,355 psf / view here

  NEW   - West Vancouver / 2458 Chippendale Road / $3,780,000 / $716 psf / view here

[ November 20th, 2009 ]

 SOLD  - West Vancouver / 2495 Hudson Court / $5,200,000 / $492 psf / view here

[ November 19th, 2009 ]

 SOLD  - West Vancouver / 4887 Northwood Place / $2,900,000 / $387 psf / view here

[ November 17th, 2009 ]

 SOLD  - West Vancouver / 2709 Highgrove Place / $3,288,000 / $582 psf / view here

 SOLD  - West Vancouver / 2877 Bellevue Avenue / $2,845,000 / $632 psf

[ November 16th, 2009 ]

 SOLD  - West Vancouver / 460 Westholme Road / $4,500,000 / $474 psf / view here

[ November 13th, 2009 ]

 SOLD  - Vancouver / 1630 Western Parkway / $3,150,000 / $826 psf

 SOLD  - Vancouver / #1003-Bayshore Drive / $2,980,000 / $1,028 psf / view here

  NEW   - Vancouver / 4338 Pine Crescent / $4,180,000 / $681 psf / view here

  NEW   - Vancouver / #2803-1011 W Cordova Street / $5,250,000 / $2,273 psf / view here

  NEW   - Vancouver / #2304-1011 W Cordova Street / $5,850,000 / $2,398 psf / view here

  NEW   - West Vancouver / 620 St. Andrews Road / $4,370,000 / $480 psf / view here

[ November 10th, 2009 ]

 SOLD  - Vancouver / #102-1139 W Cordova Street / $2,900,000 / $1,021 psf / view here

 SOLD  - Vancouver / 4129 West 14th Avenue / $3,380,000 / $835 psf / view here

[ November 4th, 2009 ]

 SOLD  - Vancouver / #5204-1128 W Georgia Street / $3,680,000 / $1,540 psf / view here

 SOLD  - West Vancouver / 1462 Chartwell Drive / $3,000,000 / $475 psf

[ November 2nd, 2009 ]

 SOLD  - West Vancouver / 1661 Marlowe Place / $7,900,000 / $611 psf / view here

 SOLD  - West Vancouver / 1411 29th Street / $3,398,000 / $563 psf

  NEW   - Vancouver / #2501-1139 W Cordova Street / $6,200,000 / $1,722 psf / view here

  NEW   - Vancouver / 3489 Osler Street / $22,000,000 / $1,183 psf / view here

  NEW   - West Vancouver / 5890 Abode Island / $12,000,000 / $2,308 psf / view here

[ October 31st, 2009 ]

 SOLD  - West Vancouver / 2770 Bellevue Avenue / $10,650,000 / $1,441 psf / view here

  NEW   - Whistler / 3820 Sunridge Drive / $14,900,000 / $2,980 psf / view here

[ October 30th, 2009 ]

 SOLD  - Whistler / 6935 Crabapple Drive / $5,500,000 / $786 psf / view here

[ October 27th, 2009 ]

 SOLD  - Vancouver / #1001-1139 W Cordova Street / $4,330,000 / $1,625 psf / view here

 SOLD  - Vancouver / 4608 North West Marine Drive / $6,980,000 / $1,062 psf / view here

 SOLD  - Vancouver / #2102-1077 W Cordova Street / $2,870,000 / $1,431 psf / view here

 SOLD  - Vancouver / 1168 West 39th Avenue / $4,050,000 / $743 psf / view here

 SOLD  - Vancouver / #PH4-1102 Hornby Street / $3,125,000 / $1,260 psf / view here

[ October 23rd, 2009 ]

 SOLD  - Vancouver / 5188 Marguerite Street / $3,275,000 / $538 psf

 SOLD  - Vancouver / 1426 Angus Drive / $5,800,000 / $584 psf

  NEW   - Vancouver / #1602-1233 W Cordova Street / $4,990,000 / $1,559 psf / view here

  NEW   - West Vancouver / 2630 Chelsea Place / $3,590,000 / $607 psf / view here

[ October 22nd, 2009 ]

 SOLD  - West Vancouver / 1555 Errigal Place / $2,928,000 / $449 psf

 SOLD  - Vancouver / PH1-628 Kinghorne Mews / $2,789,625 / $1,232 psf

[ October 21st, 2009 ]

 SOLD  - Vancouver / 2155 West 37th Avenue / $3,880,000 / $736 psf / view here

[ October 19th, 2009 ]

  NEW   - Vancouver / 3233 Celtic Avenue / $16,500,000 / $1,269 psf / view here

  NEW   - West Vancouver / 366 Keith Road / $3,150,000 / $617 psf

  NEW   - West Vancouver / 1015 Eyremount Drive / $4,495,000 / $936 psf / view here

[ October 16th, 2009 ]

 SOLD  - Vancouver / #3803-1077 W Cordova Street / $3,100,000 / $1,270 psf / view here

 SOLD  - Vancouver / #501-1139 W Cordova Street / $3,925,000 / $1,470 psf / view here

 SOLD  - Vancouver / 1550 Angus Drive / $4,280,000 / $679 psf

 SOLD  - Vancouver / 2719 West 35th Avenue / $3,390,000 / $771 psf / view here

[ October 15th, 2009 ]

  NEW   - Vancouver / 3998 West 34th Avenue / $4,300,000 / $765 psf / view here

[ October 14th, 2009 ]

  NEW   - West Vancouver / 4355 Erwin Drive / $10,980,000 / $2,049 psf / view here

  NEW   - Vancouver / 1929 Whyte Avenue / $3,290,000 / $859 psf / view here

 SOLD  - Vancouver / 5726 Wiltshire Street / $3,670,000 / $705 psf / view here

  NEW   - Vancouver / 2477 Mcbain Avenue / $3,380,000 / $860 psf / view here

[ October 8th, 2009 ]

 SOLD  - Vancouver / 6892 Marguerite Street / $3,720,000 / $732 psf / view here

 SOLD  - Vancouver / #4903-1128 W Georgia Street / $5,280,000 / $1,181 psf / view here

  NEW   - Vancouver / 3640 West 38th Avenue / $3,890,000 / $732 psf / view here

  NEW   - Vancouver / 6988 Montgomery Street / $4,180,000 / $867 psf / view here

  NEW   - West Vancouver / 2420 Halston Court / $4,490,000 / $736 psf / view here

  NEW   - West Vancouver / 939 King Georges Way / $4,800,000 / $795 psf / view here

[ October 7th, 2009 ]

 SOLD  - Vancouver / #2200-1280 Richards Street / $2,990,000 / $974 psf / view here

[ October 6th, 2009 ]

 SOLD  - West Vancouver / 1361 Whitby Road / $3,350,000 / $537 psf / view here

 SOLD  - Vancouver / #2602-1139 W Cordova Street / $3,600,000 / $1,500 psf / view here

[ October 5th, 2009 ]

  NEW   - West Vancouver / 721 Parkside Road / $5,980,000 / $848 psf / view here

  NEW   - West Vancouver / 1128 Hillside Road / $8,280,000 / $730 psf / view here

 SOLD  - West Vancouver / 2613 Ottawa Avenue / $3,250,000 / $768 psf / view here

  NEW   - Kelowna / 16414 Carrs Landing Road / $10,000,000 / $1,321 psf / view here

[ October 2nd, 2009 ]

  NEW   - West Vancouver / 460 Westholme Road / $6,000,000 / $632 psf / view here

 SOLD  - West Vancouver / 4773 Pilot House Road / $3,300,000 / $969 psf

 SOLD  - Vancouver / #3402-1077 W Cordova Street / $3,006,250 / $1,499 psf / view here

[ October 1st, 2009 ]

 SOLD  - West Vancouver / 2464 Bellevue Avenue / $3,460,000 / $861 psf

 SOLD  - Vancouver / #900-1919 Beach Avenue / $3,225,000 / $1,203 psf

 SOLD  - Vancouver / 3883 Cartier Street / $6,138,000 / $680 psf / view here

  NEW   - West Vancouver / 2456 Hudson Court / $3,700,000 / $925 psf / view here

 SOLD  - Vancouver / 4447 West 2nd Avenue / $4,280,000 / $835 psf

 SOLD  - Vancouver / #802-1139 W Cordova Street / $3,370,000 / $1,404 psf / view here

[ September 29th, 2009 ]

 SOLD  - West Vancouver / 920 Pyrford Road / $4,280,000 / $549 psf / view here

[ September 28th, 2009 ]

 SOLD  - Vancouver / 6566 Churchill Street / $4,480,000 / $589 psf / view here

 SOLD  - Vancouver / #PH1-1102 Hornby Street / $3,650,000 / $1,313 psf / view here

  NEW   - West Vancouver / 389 Moyne Drive / $3,390,000 / $745 psf / view here

Did Somebody Say Recession? Really!
September 18th, 2009

Contrary to popular belief, numbers point to a completely different reality. 2008 was actually the best selling year, and this is the shocking part ... this year to day is actually even better. Markets that saw greater international attention in the past few years such as Whistler, Victoria and West Vancouver were hit the hardest in the last 12 months. Vancouver and North Vancouver have a strong local market that has not seen much in the ways of a slowdown, sure prices have corrected a few percent, but sales are way up.

Vancouver, 2007 recorded 116 in the first 8 months of the year, then 2008 saw 120 and this year has had 158 high-end sales (remember any single family home that sells from $2.5 million or more is included in these statistics - land sales are not included).

West Vancouver in 2007 had 81 sales, 2008 saw a couple less at 79 and 2009 has only 58 sales. These numbers are more skewed due to a very weak first quarter, again because West Vancouver has more international exposure. What has really helped the market was that inventories fell during 2009 so far, thus keeping prices stable.

Other municipalities in Greater Vancouver such as North Vancouver, with a very strong local segment and little foreign investment, have seen another boom come along. Neighborhoods near popular town markets or villages are extremely popular; in turn, listings in those areas again are experiencing bidding wars.

Speculation runs wild on exactly why the market is so strong again, ranging from theories speculating this has something to do with the Olympics (which I doubt, since foreign money has dried up in Downtown and Whistler), low interest rates with threats from the Bank of Canada that rate increases are to come and/or the Provincial Governments highly unpopular HST introduction in a few months. I believe it has much more to do with the last two beliefs, considering anybody looking to buy into a new home or condo will now be hit with over double the taxes ... condo magnets such as the Bosa's or Cressey's aren't too happy about this ... most people, businesses and economists as well!

It would be nice to see more stabilization in the market, less speculation - it's not always necessary to have significant growth every year.

Market Correction
December 19th, 2008

Well it's here, but then if you lived in a closet or in the deep north, you have already noticed. The high-end was thought to have been a safe market, but that's not the case, if anything it is worse hit. While prices have fallen, they have not fallen by much but sales are miserable. Fortunately inventory levels are falling and there have been almost no new listings in the past three months. New home construction seems to be heading down but there are many homes still being built throughout the high-end. Worst hit are the markets in Downtown and West Vancouver, because they have a higher ratio of internationally owned properties. As we all know, Canada's economy is amongst the strongest and well protected in the world, but the segments of our markets which were more exposed to foreign buyers, is naturally taking a larger hit.

Sales in Downtown are next to zero, meaning that projects such as the five star Ritz Hotel & Residences will most likely not be built any longer, leaving Vancouver with a hole in the ground at 1133 West Georgia for another 10-15 years again. West Vancouver enjoyed its status as the most expensive and wealthiest community in Canada for the past decade, but with sales dropping the way they are, prices might just be heading south big-time in 2009. Not to suggest that West Vancouver still won't be the nations wealthiest neighborhood, it just won't be 'as' wealthy anymore. Let's keep our prospective though. A new home in Westmount that cost $5 million a few months ago, cost $3 million a year before that. I think that by this time next year, it will return to $3 million. So what does that mean? Well, that we're going back to 2007 prices. Is that really so bad? No!

Oddly enough, Vancouver's posh Westside has not been performing so bad! Sales are still coming in and some big ones too. I attribute this to a strong and healthy local trade ... being that one family sells their home in exchange for another home in the same area, keeping a balance in the market. Vancouver in itself never was that exposed to foreign speculative buying like Downtown and West Vancouver were, so in turn, they are more insulated from the downturns.

All in all, expect a return to 2006 and 2007 values. If your home was worth $2 million in 2006, it will again be worth that later in 2009. Forget about the $3 million your property was worth in mid 2008 - it wasn't real money and the value never existed, so technically this downturn does not affect 95% of the people.

Whistler Bombshell
August 19th, 2008

Whistler's market may be in the bucket and it may be there for a while yet, however there is a unique irony in Canada's only Resort Municipality. In the last few years there has been tremendous demand for homes in the uber-market of $10 million plus. In the last couple years there were several homes on the market in this range, but they have all sold out with the exception of one. Regardless of size or location, they have all sold out. It's a very unique problem, one which was just proven again last week when realtors Ann Chiasson of Whistler and Malcolm Hasman of West Vancouver managed to smash the record once again, breaking the $17.5 million sale which was completed earlier this year. This time the home sold was sold for $3,000 a foot; not even waterfront and not even an acre sized lot! 2286 Nordic Drive was listed at almost $20 million and sold for $18 million.

There is such high demand for high-quality homes that buyers have to fork out $3,000 a foot, which is more expensive than prices in London, New York or Hong Kong. While I agree that bigger is not better, I also believe that the freedom to build bigger should be on the table for homeowners. Whistler Council decided a decade ago that there shall be only a few size categories with no exceptions to build larger. The 3,500 foot and less is the most common size restriction in Whistler. The next step up is to 5,000 feet - where the vast majority of high-end homes are and then there is the 7,500 foot restriction which has been granted to only around 25 lots through the resort. The best zoning is for a 10,000 foot home, which is the maximum that can be built in Whistler - but this is restricted to only 5 properties! Only one has not been built on yet, but that is it.

If Whistler Council does not change the rules to allow far more flexibility, Whistler will no longer be competitive in the winter ski-resort real estate market and will never attract international buyers again. Serious US buyers laugh at these restrictions and have kept out the most lucrative and wealthiest buyers in the US from buying in Whistler. Europeans have rarely been interested in Whistler and the Asian market is also not terribly interested. Despite common belief, Whistler is 75% Canadian owned and most of that is BC money!

I believe that the size of the home you build on a property should be related to the size of your lots buildable envelope. It makes no sense that you have a 20,000 foot lot and you can build a 5,000 foot home on it when somebody who pays triple the price for a lot which is 200,000 feet and can build only a 5,000 foot home as well. It is beyond reason and is not democratic whatsoever. The five lots which are zoned for a 10,000 foot home are only 20,000 feet to 50,000 feet in size. So that does not even make sense.

There is huge demand for uber-homes with uber-price tags, but Whistler is losing out to Aspen, Vail and even other BC resorts in Revelstoke and Golden. Owners need to be allowed to build up to 30,000 foot homes. Not many buyers are willing to plop down $20 million for a 5,000 foot home which is $4,000 a foot. It's just not going to happen.

This is the main reason why lot sales in Whistler have completely tanked in the last few years, despite winning the Winter Olympic nomination a couple years ago. Whistler Council needs to wake up!

Market Blues
August 14th, 2008

Market blues have finally caught up with Vancouver, yet not nearly as bad as in the US or in the rest of the nation. The high-end is quite sluggish in Downtown, the powerhouse of Greater Vancouver for the past few years. Developers timed it just right though as most of the big projects such as Shangri-La, Fairmont Pacific Rim and Georgia Residences have pretty much sold out. The Ritz Carlton is having a hard time getting off the ground however and there are fears that if a certain percentage does not sell out soon, the whole project will be scrapped. It may be that the $28 million penthouse at the Ritz will never be built - but we'll see in the next 12 months. The other big development is the completion of the Harbour Green complex with their crown jewel at Three Harbour Green. The cheapest unit there will be $2,000 a foot while the 30th floor 8,000 foot penthouse will be just over $22 million. This building is set to be completed by 2012, but it is also questionable whether it will even be built right now - yet its location is far superior to that of the Ritz.

The blues have hit the West Side more than West Vancouver, but even West Vancouver has seen a significant slowdown. What is important to note is that only when comparing to last year this time, the market is down, but when you look at previous years, the market is still up even when prices are way up.

We have just uploaded 44 units from the Three Harbour Green project to the site, all units start from $5 million and go up to $22 million. Sales representatives for the project claim several units have been sold already, however these units will not sell out as quickly as One and Two Harbour Green did back in 2001 and 2003, when they each sold out in one day during a bidding war with only invited guests. However, One Harbour Green prices started at $800k to $5 million and Two Harbour Green prices began at $2 million to $6 million. Three Harbour Green prices pretty much have started at penthouse pricing for the other two Harbour Green projects.

Sales in Whistler have completely flat-lined and prices are way down. There remains to be a huge lack of quality homes in the resort. Buyers are there and willing to pay over $20 million, however homes in this range do not offer what buyers are looking for. Views, privacy, house and lot size and quality. Stonebridge in Whistler's Westside neighborhood does offer size, views and privacy but the developer in charge does not want any spec-developers to build there - now he's paying the price with only a third of his lots sold after 5 years on the market. Kadenwood offers nice views and ski in/out convenience plus a new private gondola service, but then again Kadenwood does not give any privacy and most lots do not have worth-wile views.

National Power Shift
May 7th, 2008

The balance of power in the nation has officially swung west. British Columbia is the new Ontario while the familiar separatist rhetoric comes from the new Quebec, Alberta! Speaking about real estate of course. Recently Ontario put up a challenge for British Columbia, listing a Canada first $45 million property and actually sold it too. Interesting enough that Oakville in Ontario would put up such a sale before us.

Recently some Ontarians have begun bragging about their grand success over BC's hot market. Well, I congratulate Ontario in its once in a lifetime sale, setting the new Canadian record over our near $30 million sale late last year. However, how is luxury defined in the luxury real estate industry today? Well by square foot of course. Trendy neighborhoods in London's Belgravia commonly fetch sales at $2,000 to $4,000 a foot on a daily basis. In New York's Upper East and West Side it is not unusual to see $2,000 to $5,000 sales in their duplex/triplex market. They are naturally the pinnacle markets of the world.

When you compare apples with apples; BC's Golden Mile (Point Grey Road) has a couple homes right now for sale at $3,000 and $3,700 a foot. They are tight, sun blasted waterfront lots with incredible views of the North Shore Mountains. Three homes on the 33 hundred block in West Vancouver have assessed values well above $20 million with possible market values from $30 to $40 million. Belmont and Drummond, while not being waterfront, are selling bare lots at $10 to $14 million and new monsters there can be sold for up to $60 million at $2,000 a foot.

So the most expensive streets in Canada are clearly Point Grey Road, West Cordova Street (condo power-house of the nation), Radcliffe and Humber in Victoria. Ontario's most expensive gross sale did net $45 million, but it comes down to only $1,400 per foot on a giant 14 acre waterfront lot. The same 32,000 foot home on 14 acres of waterfront in Vancouver would be around $30 million for the land alone and $2,500 a foot minimum ($80 million), with a total market value of at least $110 million. It's hard to compare such homes, but land is around 3 times the price in Vancouver and per foot living, our high end is 50% higher.

BC has over 25 $10 million plus homes for sale, while the rest of Canada combined musters up a mere 10 right now. Vancouver pulls in around 5 times the volume of high-end condo sales than Toronto and around twice the amount of detached high-end sales. Keeping in mind that Vancouver has a population 2.5 times smaller than bigger and fatter Toronto.

Even Calgary is starting to muster up some speed in the high-end and soon will have a higher average home value than Toronto. Far superior to the east's 'super markets' Montreal and Toronto.

At this very moment there are a few giant homes at West Point Grey, Kitsilano, UBC and Whistler's Sunridge which are under construction and may be in the running for top assessed home in a year or two when they're competed. Still, Canada's highest assessed residential home is located on Drummond Drive in Vancouver, easily marketable at $60 million today!

Whistler Scores Again!
February 1st, 2008

It's astonishing. When you think Whistler is out of the game, it comes back and bites you. At least that is what most people think about the resort. For the past few years, there has been a record-setting deal made each year. A couple years ago in 2006 it was a $8.6 million chalet in the Benchlands, then last year it was a $10 million and then a $13.6 million sale of two big homes in Whistler Cay and Sunridge Plateau.

A couple days ago the Thornhill Group announced the sale of their $22 million mansion estate on Crabapple Drive which is said to be only around 7,500 square feet of living on a few acres. The buyer is unknown but what is known is how much the party paid - a new Whistler high of $17,500,000. This deal makes it the third highest ever paid in British Columbia for a single family residential home, after the 2007 sales of a $28.8 million waterfront mansion in West Vancouver and a Downtown Vancouver Penthouse for $18 million. Whistler amazingly now has 5 multi-million dollar homes under its belt, shy of West Vancouver's 6 in total. VanCity has only recorded 4 big-wig sales, three of which are apartments with only one detached in its history selling over the psychological barrier.

This is a big sale, certainly shocking most in the province. No doubt builders are scrapping their plans to build small and are now looking to build as big as possible and plop in the highest number they can. On the market in the resort right now are only three homes above ten million, one which is $18 million but agreeably well overpriced for the 5,000 foot home on a standard lot. Experts round that home out to a more modest $12 million in the end, eventually. Still, not bad for $2,400 a foot.

Rumors have it that the recent sale of an acre size lot atop the prestigious Sunridge Plateau with zoning allowing up to 10,000 square feet of living space, is about to start building and could be on the market soon for $30 million.

Top Homes of 2007
December 23rd, 2007

It has been yet another stellar year, even one which I did not predict. Looking back at what has sold in 2007 there are many examples of a rising mega-class of $10 million plus home and not even stopping in the $20 million range, we're now seeing sales in the $30 million's.

0#1  -  $28,800,000 / 3330 Radcliffe Avenue, West Vancouver
0#2  -  $18,000,000 / Penthouse 699 Howe Street, Vancouver
0#3  -  $13,625,000 / 3827 Sunridge Drive, Whistler
0#4  -  $10,500,000 / 4340 Ross Crescent, West Vancouver
0#5  -  $10,500,000 / 4788 Belmont Avenue, Vancouver

0#6  -  $10,400,000 / 124 31st Street, West Vancouver
0#7  -  $10,000,000 / 6717 Crabapple Drive, Whistler
0#8  -  $08,900,000 / 2964 Mathers Crescent, West Vancouver
0#9  -  $08,100,000 / 5347 Kew Cliff Road, West Vancouver
#10  -  $07,900,000 / 1757 West 40th Avenue, Vancouver

Half of these sales all came in West Vancouver, fetching the most both per foot and total sum. VanCity enjoyed its first eight-figure sale in both Downtown and the City, but is lacking any seriously big sales. With powerhouse neighborhoods such as Shaughnessy, Point Grey and University, yet they cannot muster a really big sale. There is a lot of speculative building in West Vancouver so quality is not the highest yet quantity is there and a wide range of selection. The West Side is very much a custom-cut area where owners tend to have their home built for them, this does make many homes harder to sell but it usually means better quality. The trend in Whistler is pretty basic - you will sell your home for a lot of money but only if it is extremely well built and designed. Only Whistler's nicest homes are selling, leaving many cheapo-builders declaring bankrupcy or unloading their homes for next to what it was built for.

Here's our prediction of what 2008 property assessments should look like!

0#1  -  $27,500,000 / 4785 Drummond Drive, Vancouver  [ +22% ]
0#2  -  $22,600,000 / 3350 Radcliffe Avenue, West Vancouver  [ +45% ]
0#3  -  $21,900,000 / 130 Oxley Street South, West Vancouver  [ +5% ]
0#4  -  $20,400,000 / 3330 Radcliffe Avenue, West Vancouver  [ +10% ]
0#5  -  $16,700,000 / 4719 Belmont Avenue, Vancouver  [ +7% ]

0#6  -  $16,500,000 / 6151 St. Georges Crescent, West Vancouver  [ +10 ]
0#7  -  $16,400,000 / 2815 Point Grey Road, Vancouver  [ -10% ]
0#8  -  $16,300,000 / 3489 Osler Street, Vancouver  [ +10% ]
0#9  -  $15,500,000 / 5695 Newton Wynd, Vancouver  [ +10% ]
#10  -  $15,000,000 / 3110 Travers Avenue, West Vancouver  [ +2% ]

We're bullish on 4785 Drummond mainly because lot prices have shot up there considerably and in 2007 this home was not finished, and now it is. 3350 Radcliffe has been given a generous assessment because last year the BCAA 'forgot' to include a $5 million adjacent lot at 3352 Radcliffe (which no longer exists). We added another ten percent to that figure for market inflation. We found 2815 Point Grey to be extremely excessive even for such a great property, as the home itself is just about a tear-down. The other homes are on par with local market inflation rates.

Trying to predict 2008 is seemingly more difficult. I cannot imagine that we would break 2007's statistics in terms of sales numbers, but I will go on the limb and say that there will be more and more eight-figure listings and sales in 2008. The rise of Downtown Vancouver mega penthouses will be another story, with more big numbers coming, attributing this solely to the trend of Downtown being seen by international investors as a resort purchase - hard to believe but this is what they are saying! After all, Vancouver is the nearest thing Canada has to the tropics. Happy New Years.

Economy, Loonie and Market Soaring
November 29th, 2007

If you were an American reading this you'd probably think this is nuts. After all, the economy, green back and market are all but dead in the US. Not here though. Perhaps it is all Olympic speculation, our resource cushion or just not being American that is working for us, but the slow down hasn't seem to hit us as hard if at all.

Sales across the board are very strong and already have long surpassed even 2006 record figures. VanCity is enjoying 289 high-end sales this year which is already 26.8% higher than all of last year. West Vancouver currently sits at second with a strong 163 sales, 16.4% more than all 12 months of 2006. Oddly enough, while prices are stagnant in Whistler and have been for the past 4 years, even they have raked in 37.7% more than last year, with 73 high-end sales for the first 11 months, and December should be a decent month still. Whistler was really helped by the 24 rapid sales of the yet to be built Fitzsimmons Walk development. Still, recording two $10 million plus sales in one year is astonishing and a clear sign that the extreme high-end has deep pockets.

Big Year, Big Sales
November 25th, 2007

Few days ago, Remax of Whistler finally managed to sell one of their long-time listings. Whether it is good or not if for you to decide. The Grove, a massive nearly 10,000 square foot mansion with 5 acres of serenity surrounding it sold for a petty $10 million, after reducing from a rather modest $15 million sticker price for the last 4 years. Agents in Whistler seem to sit around waiting for the big one to hit, not really making an effort to bring buyers in. Sure, with the US dollar being at all time lows against all major currencies, it doesn't help, non-the-less even when the Canadian dollar was at 65 cents US, local agents could not sell this one. The propery is located at 6717 Crabapple Drive, a rather rag-tag street with several large homes around amongst many tear downs. The new owner will be happy to know he paid peanuts for his new estate. This sales does not bode well for Maggi Thornhill, agent to neighboring 6715 Crabapple Drive, which is peddling this home for $22 million and it is only 8,000 square feet on 5 acres! Looks like even $12 million would be lucky.

Last month was a great month for West Vancouver too, actually the big three (Vancouver, West Vancouver and Whistler). Sale of the two time Canadian record breaker 3330 Radcliffe Avenue sent shockwaves through the market. Secretly listed at $30 million, agent Malcolm Hasman managed to get this one sold again for $28.8 million. Home to mining mogul Robert Friedland, this 11,000 square foot home on 1 acre of prime waterfront seems to be no problem to sell for any amount. It sold once before in 2004 for $17 million. The home is beautiful, but amazingly it is just a giant rancher and not even the best home in the city!

Last but not least is Vancouver City's record sale, made just a few weeks ago. No, it's not in Shaughnessy and no not even Point Grey. It's not even waterfront nor is it even built yet! It is the 48th floor penthouse unit in the Hotel Georgia Residences. Highest ever paid in Canada for a condominium and unbelievably only the third to have surpassed the 8 digit threshold in the city. Still, at $18 million for nearly 7,000 square feet of living 150 meters above street level, it is not all such a bad deal, when compared to other major cities of the world which see 8 digit sales on a monthly and even weekly basis.

New Mega-Priced Estate Breaks Record in Whistler
July 30th, 2007

Friday, Whistler realtor Maggi Thornhill announced the listing of Whistler's most priciest home ever. While not completely new to the market, this 5 acre estate at 6715 Crabapple Drive was once part of the Tim Reagan empire. Three years ago Reagan completed one of two mansions on a 10 acre spread, one already completed and listed for $15 million. The other, was only in its framing stage and also listed at $15 million, to be finished. A buyer from Vancouver came in and paid Reagan around $5 million for the project in its unfinished state. Now the Tuscan Estate built of granite stone blocks is complete and on the market for $22 million.

The price is so out of wack it's amazing, like out of someones yin-yang. Crabapple is a street which has seen considerable re-developement, but it is an ugly road. Most homes are tear-downs and at best, worth under a million bucks. Street appeal is extremely important to a $3 million chalet, let alone $22 million. There is no significant market value for the land, eventhough it is so large, there are no views, it is a dark property and high-voltage powerlines dominate your westerly views. The home itself is extremely solid, built of concrete, stone, steel, glass and cedar beams. Listed at only 5,000 square feet, it really doesn't make any sense to even think about a home like this unless the price goes down to around $8 to $10 million. If it sells for anywhere above $10 million, I will be shocked to death, and believe me, I'm rarely wrong!

Whistler's last $20 million plus failed miserably and it offered so ever much more! The Couloir mansion atop the Tantalus Bluffs at 2286 Nordic Drive. Now that was a house. Again, concrete, stone, steel and glass. Views to die for, bright and sunny all day, around an acre total and ski in and out of Creekside Village with panoramic views of the Olympic Downhill ski runs. While this home was seen to be majorly overpriced, I believe it was priced within reasonability. I estimated a sale from up to $16 million. You can even build another large guesthouse on the property, a huge benefit. Yet still, according to local realtors, there was hardly any interest even for a property which has so much more to offer that the estate on Crabapple. Agents tell me that the owner of the Couloir home will consider any offer within a couple million, even while not being listed. For a commission of nearly a million dollars, what would you do? If you are interested in buying a home like this, knock on the owners door and hammer out a deal, save yourself a million. Agents only take a few pictures, plop them on their cheap websites and barely spend a dime on marketing - it's free money! Take my advice, get a lawyer and avoid the realtors.

Another West Vancouver High Sale
July 17th, 2007

West Vancouver high-rolling realtor, Malcolm Hasman, has just reported selling a non-listed mansion on posh Mathers Crescent in Altamont. Sold back in 2004 for only $3,700,000 this Linda Burger built estate was one of the districts highest acclaimed residences. Hasman did not sell it for $5 million and not even $6 million, rather try $8.9 million! It is officially the highest ever paid for a non-waterfront residence in West Vancouver, and it is the 6th highest ever of all homes. In British Columbia, the home is 4th highest ever forked out for a non-waterfront.

For all you skeptics who think this is an anolamy, think again. West Vancouver is experiencing an unusual amount of very high sales across the board. Just last year you could have bought a nice little 50 foot front ocean lot in Dundarave for $5 million. But now the same lot costs you $7 million and if you want to splurge for a corner lot, get ready to really spend some money. How about $9 million? Yes, those are official numbers of the last couple lots sold on West Vancouver's waterfront. I cannot wait to see what will be built on these lots.

There is a looming slow-down in some parts of Greater Vancouver, but not in West Vancouver. Residents looking to sell their homes or land are not waiting too long to cash out. Last year was a record year, one which nobody thought could be beaten. This year in June there were 75% more high-end sold properties than even last year. It is amazing. It is still too early to tell, but July so far has not had many sales.

What's New?
July 6th, 2007

We've just added a speculative property to the list. Our research has uncovered the to be asking price of the exclusive penthouse unit at the new Residences at Hotel Georgia. Our sources tell us that the unit will be initially listed for $16 million and just over 7,000 square feet. It would have been a record breaker had it not been for the new listing of the $18.2 million Beach Avenue penthouse. While agents are touting that apartment to be a "good deal", they clearly know very little about the international market. Even in New York you can find a better apartment for $18 million. The place on Beach Avenue is an old non-exclusive building, with no history of ever selling anything even near $2 million. The unit may look all funky, but it seems to be a bit childish in style, looking more like a playpen rather than a sophisticated multi-million dollar residence. I would say $10 million would be still too much, but $8 million is more reasonable for a building with no luxury history! Besides, all past super high-end sales in Downtown took place at Coal Harbour and Yaletown, none on the West End yet. You can find both these units on the following page: http://www.greatestates.ca/99

Another fantastic addition to the site was a stunning Parisian home, recently built, and now for sale for $14.8 million. Listing agents Malcolm Hasman and Allan Angell seem to only rave about this home, and so would I. It`s one of the most authentic homes in West Vancouver, and considering land sells within a couple days on this block from $6 to $7 million, I`d say this is a property that will not be on the market very long. The last three $10 million plus homes which popped onto the market in West Vancouver, were sold within a couple weeks for full asking price. One was nearly $3,000 a foot - this one`s only $2,000 a foot - clearly a bargain!

The high-end markets in Vancouver and West Vancouver are once again on par with last years sales numbers at this time of the year. West Vancouver is actually several sales above last year, getting ready to crush 2006`s record smashing sales figures. Quality homes just seem to fly off the shelves, leaving the odd-balls sitting on the market for months. Land prices, for once, seems to be leveling off and not rising anymore - which is a good sign for the health of the building market.

Property Tax Highway Robbery!
April 8th, 2007

After days of research, we have found some discrepancies in the governments assessments of some of the most exclusive properties. We have pinpointed three properties which are so under-assessed that they are being reviewed right now by the municipality of West Vancouver. However the lack of interest we have seen by both West Vancouver and the BC Assessment Authority is astonishing, even with the sheer amount of proof we have provided them with. Below you will see statistics and information that will prove that some of the richest individuals who own some of the largest homes, have somehow gotten their properties assessed at well below expected levels, in turn are paying thousands of dollars less in property taxes than they should be, and most of all, they're paying proportionally less property taxes than you and I.

First up is Ledcor CEO Dave Lede's approximate 25,000 square foot mansion being built for 5 years, now complete. His new shack high atop West Vancouver's famed British Properties at 1690 Marlowe Place sits on four former lots, two on Marlowe Place and another two on Langton Place, together make up 1.5 acres of land which would run for around $6 million on the market today. The BCA has assessed the land at $4,591,000, which is within reasonability. What struck us as being unbelievable was the miniscule increase in the property's assessed improvement value (house and upgrades to the land). We were expecting a two to three fold increase from 2006 to 2007, however there was only a 3.8% increase in value, even though major finishing work was completed in that time. What is even more disturbing is that this 25,000 square foot mansion was assessed at merely $2,342,000 - which is a shockingly low $94 per foot! To give you perspective on this, let me show you how much a few of Lede's neighbors homes are assessed at this year, keeping in mind each of them are 10 to 15 years old.

1666 Marlowe Place a 6,000 square foot 15 year old home on a fifth-acre size lot was assessed at $153 a foot. 1636 Marlowe Place a 8,000 square foot 10 year old home also on a fifth-acre lot was assessed at $281 a foot. There are many more cases, but one more for the heck of it. Another giant mansion on just less of an acre lot with a 12,000 foot home, 10 years old, was given even a higher assessment at $298 a foot. Lede's palace is a modern built mega home with a combined living area of all three of these above examples, using only concrete, steel and glass. Plus the cost of landscaping 1.5 acres of sloping land, not to mention the 100 fully matured 20 foot pine tree's that were planted around the perimeter of the estate with an estimated cost of around $25,000 a piece alone cost about $2.5 million. To sum it up, a 25,000 square foot home of this calibre with this landscaping should be assessed at no less than $350 a foot or $8,750,000. Combined with its land value, we believe Dave Lede's place should be assessed at a conservative $14,000,000 not the measly $7 million it was given. At $7 million, Lede will pay around $35,000 in property taxes, approximately half of what he should be paying. Our highest calculation of his assessed value ran at around $16,000,000.

Next on the line is Lions Gate Studios CEO Frank Giustra's new mansion on West Vancouver's posh waterfront. This time it's not so much about the improvements assessed value, rather the land assessed value. Giustra's new home is located at 3350 Radcliffe Avenue, formerly 3348 & 3350 Radcliffe Avenue. Somehow during the three year construction project of his 10,000 square foot French Chateau the BCA reduced the assessed value of his land. Okay, check these numbers out. Neighboring 3356 Radcliffe Avenue has a per square foot assessed land value of $460. 3354 Radcliffe Avenue is assessed at $420 and 3344 Radcliffe Avenue is at $410. We attribute the $50 difference between these three to be related to the fact that one has more of a sandy beach while the other has more of a solid rock beach. The whole street average runs at $415 a foot - waterfront lots only. Giustra's super huge nearly full acre waterfront spread was assessed at only $204 per foot. If that's not a dead giveaway, I don't know what is. 3350 Radcliffe Avenue has a land assessed value of only $5,500,000. Even at the street average of $415, 3350 should be $11 to $12,000,000. In 2007, this whole enchilada was assessed at $9,900,000 owing the municipality $50,000 in property taxes. But our calculations come to at least $15,500,000 and $80,000 in taxes this year!

If your blood isn't boiling yet, then let me add some more heat. Furthermore, following this lead of very low assessed values for the elite's waterfront lots, we did more research on nearby Travers Avenue, just a block away from Radcliffe Avenue. Sure enough, while the street has an average of $480 per foot, we found that Intrawest CEO Joe Houssian's acre spread at 3110 Travers Avenue was assessed at only $290 a foot - $12.5 million. Even at $450 a foot, his land should be at least $19.5 million. It's a huge piece of land, the largest waterfront lot in West Vancouver.

We should be asking ourselves why is it that each of these three super wealthy men have gotten away with such outrageously low assessed values, robbing the municipality and ultimately its citizens out of tens of thousands of dollars in property taxes. There are hundreds of elderly homeowners on West Vancouver's waterfront which have owned their lovely properties since the old days, when the municipality was still a village and their land was worthless. Now these elderly owners have to defer their property taxes because they're forced to pay taxes on $450 to $500 assessments, while the super rich with their huge mansions get away with highway robbery. It's an outrage that needs to be exposed.

Buyer's Beware in Whistler
March 7th, 2007

It has come to our attention that the owners of Munster & Sons in Whistler have some skeletons in their closets. While we often give high praise for their projects, it has become clear that what appears on the surface is not exactly what you get. Complaints from former owners of M&S projects say that cost overruns were habitual and eventual lawsuits robbed both parties of any potential profits.

M&S have built some of Whistler best homes, that is not in question, but their business tactics are. Their Akasha project sold for around $4 million more than any other home at that time and was built with unheard-of materials. Since then they've piled on one beauty after another, with fascinating names. Abardair, Atlakim and one partial project on Snowridge. According to several past owners, they claimed to have sold at a loss after forking out up to $5 million in building costs to build a 3,500 foot home. Such numbers are insane, with cost overruns in the millions, yes - millions.

A project with the quality of these homes would run at around $600 a foot, roughly. And for a builder to charge $1,000 a foot to build a home is simply nuts. A good suggestion is to hammer out every possible detail in a contract with M&S, as hearing from several past owners and the same complaints, it is compelling. The truth of the matter is that each M&S project does seem to land on the market quite quickly, but they do sell for sick amounts of cash!

The end result of this all seems to still be that M&S homes are of extreme quality, where buyers fork out up to $2,200 per foot. No other long-term builder has come close to such a record of sales, but at what cost does this success come is the big question. Perhaps if M&S were to build for speculation and not on contract for owners, then everybody would be happy. One thing is for sure, any builder charging a grand a foot to build a home, not including the cost of land, is insane and should be prosecuted. The sad part of this story is that builders everywhere are playing this same tune, may be not to this scale but still the same idea. Buyer's beware! 3820 Sunridge Drive Akasha 2613 Whistler Road Abardair Don Shaw 2247 Nordic Drive Atlakim Billionaire 2564 Snowridge Crescent Michael Kirsh Mike Kirsh munsterandsons.com Andy Munster Bonnie Munster

2007 Top Homes of BC List Now Available!!
March 7th, 2007

What a year this is. We increased our minimum qualifying assessed value this year from $1.5 million to $1.7 million, and still there are over 2,000 new addresses. The list now sits at over 8,500 addresses of homes throughout the province from corner to corner. There's a new #1 in British Columbia, and it's not even a waterfront. Downtown Vancouver had a huge surge in high-end properties with three penthouse units nearing the $10 million mark. White Rock has a new giant estate on the waterfront and is incomplete, also almost $10 million.

A huge surprise was a first-timer to the list, a mega mansion on a 10+ acre flat lot with a man made lake in rural Surrey. Not on the waterfront and surrounded by farms sits a 20,000 foot residence of a mining mogul. It was assessed at over $11 million this year, up millions from last year and sits at 24th highest in the province.

Sunshine Coast, Surrey and White Rock showed strong growth with around twice the amount of $1.7 million plus addresses from 2006. Again Vancouver and West Vancouver added several hundred addresses to our list in 2007, around a 50% growth for each.

It's a hot year for growth in property values, but the big question is whether we'll see such growth in 2008. It's doubtful as sales for the same time last year were considerably better, but still on par with 2005. But prices are much higher than in 2005.

2007 Property Assessments Coming Soon
January 27th, 2007

We here at GreatEstates.ca have been working hard to bring you the new 2007 list of top residential addresses in the province. While we're not completely done, most of the new list is finished and should be entirely ready for early February orders.

A couple nuggets of information about the new list. There's a new massive estate which has shot way up to the top home in the City of Vancouver, possibly the whole province! Vancouver's posh Point Grey neighborhood has seen the highest growth in value in the entire province, some ranging above 100% while most are in the 50% percentile. Whistler, as expected has seen its second year in a row with negative growth, but barely even a single percent. Not many new homes in the resort, while most of them are concentrated in new communities such as the Nita Lake Estates and Stonebridge.

This years list we have upped the minimum assessed value from $1.5 million plus in 2006 to $1.7 million. We deal only in high-end properties valued from $2 million on the market. So this year $1.7 million in assessment brings around $2 million on the market. Even with this $200,000 increase to qualify, our list has grown tremendously from 2006. Last years list had around 6,500 addresses with assessed values from $1.5 million. 2007 will over a thousand more new addresses. Check it out in early February. Cheers.

2009   2008   2007