Thursday, June 26, 2008

The Grace Residences at 1280 Richards Street in Downtown Vancouver, 1104 Hornby Residences, 225 Smithe Condo High-Rise and James Schouw and Associates

Downtown Vancouver Exclusive Grace Residences

Downtown Vancouver's most luxurious and exclusive condo residence is at the Grace Residences located in the Yaletown real estate district by James Schouw & Associates.The Grace Residences are an extraordinary collection of world class homes in downtown Vancouver’s real estate market, and is truly unique on the North American continent. It is the evolution of a dream to create, within Vancouver’s most dynamic urban neighbourhood, an expression of character, livability, and luxury normally reserved for the most exclusive Vancouver custom homes. The Yaletown Grace Residences is more than high ceilngs, limestone, hardwood, and exclusive fixtures. Grace Residences in downtown Vancouver real estate is about texture, character, and attention to detail, and a feeling that cannot be described by a simple feature list. It begins with gardens. The embryonic design concept of the Grace Residences in Vancouver downtown homes, spawned by imagination and focused on a series of magical garden spaces, open air passageways, and courtyards. True to that image, a comprehensive design developed as though growing from an existing, every changing, colourful living space that is now know as the exclusive Yaletown residences at the Grace Homes. Within weeks of completion, the first phase of Grace Residences in Yaletown Vancouver was awarded “Best Garden in Downtown Vancouver” by the Vancouver Parks Board and the Vancouver Garden Club. The Grace Residences is simulataneously grand and intimate – in texture, form, and style. Interpretations of the mythical Graces, sculpted by Derek Rowe, intermingle with the Yaletown Residences at the Grace, the extraordinary vaulted passageway invites residents and guests to the intimate, soaring spaces of the concierge lobby and meeting gallery. The Grace Residences Yaletown project is conceived, designed, engineered and executed to an exemplary standard with a very personal touch. Concierge, pool, spa, sauna, meeting gallery, children’s play area and fitness facility all complement the common areas of the Grace Residences. The Green Features of the exclusive and luxury Grace Residences in yaletown real estate include: geothermal heating and cooling systems the reduce energy costs. The Grace Residences is the first high-rise residential real estate Vancouver development to utilize such a system. Dozens of pipes bored deep into the earth collect stored heat energy to reduce dependency on conventional energy sources. The concept is simple, environmentally responsible and saves energy costs for the residences at the Grace. In addition, the Yaletown real estate homes at the Grace Residences’ rainwater is a source of life. After flowing into specially engineered reservoirs, it can be used as required to irrigate the lush gardens that ground Grace Residences and its residents.

Last Yaletown Grace Residence Home Comes With A Guarantee

The downtown Vancouver Yaletown real estate builder of the ultra luxurious residential tower of the year in the annual Georgie Awards competition in 2009, the Grace Residences in Vancouver’s Yaletown neighbourhood, is holding an open house on Sunday. James Schouw has one pre-sale Yaletown Grace Residence apartment left to sell, a resident of 1850 square feet with an asking price of $1.849 million. If you want to see what a $1,000 per square foot listing looks like, the open house hours for the pre-sale Yaletown Vancouver Grace Condominium Residence is from 12 to 4:30pm. The Grace Yaletown residence location is 1280 Richards Street, downtown Vancouver. Look for a greeter and harpist in the lobby entrance of the Grace. Schouw wants to make it real easy for prospects and prospective home buyers as he is promising the price fluctuation guarantee for the Grace Residence in Yaletown. If Vancouver reale state housing prices drop in the next year, he would refund back to the purchaser the difference in the drop. Schouw plans to place 13 per cent of the purchase price in trust to ensure it would be available to cover the downside if it happens at the pre-sale Yaletown condo for sale at the Vancouver Grace Residences. “We feel this is very important and innovative way to market an dprovides assurance to prospective purchasers who would like to take advantage of the new build and buy today without worries of the market softening further,” a news release says. Another real estate developer in Greater Vancouver to take a similar approach is Larco Investments with its Morgan Crossing project in South Surrey where condos start at $249,900. Last summer, the company guaranteed the value of homes at the South Surrey real estate development by up to 10 per cent.

2009 Georgie Award Winner for the Best High Rise in BC for the 2008 Georgie Awards is the Vancouver Grace Residences!

An exclusive showing by James Schouw and Associates for the last remaing Yaletown Grace Residence apartment is happening right now. Grace Yaletown residence for sale on Sunday, February 15th from noon to 4:30pm at 1280 Richards Street Vancouver BC. Only 1 Grace Residence suite is available offering about 1850 square feet of luxurious living. The Property Value Gaurantee protects home buyers against downward market price fluctations of up to 13% during the year after purchase of the last remaining Yaletown Grace Residence in downtown Vancouver real estate market. Details upon request. Current low housing starts, combined with population growth of about 1,000 per week, will influence diminishing supply and rising demand. With very low interest rates, there hasn’t been a more affordable time to buy in years.

Grace 1602 – 1280 Richards Street Exclusive Condo Listing

Grace Residences at 1280 Richards Street Exclusive Condo Listings are now available in the Yaletown Vancouver communityExclusively listed and offered at $1,698,000 if one of the signature residences at Grace in Downtown Vancouver. Grace Residences. An extraordinary collection of world-class residences in Yaletown – Vancouver’s most vibrant downtown neighbourhood. Truly unique on the North American continent, the evolution of a dream, an expression of character and luxury found only in the most exclusive Vancouver custom homes in downtown. Truly an intimate, boutique development at Grace Residences that includes features such as: soaring ceilings, porcelain limestone tile flooring, geothermal heating, biometric fingerprint recognition security, lush botaincial gardens, concierge servies, indoor and outdoor pool, fitness and spa facilities, stainless steel appliances, children’s play area and a lavish meeting gallery. There are only 2 suites per floor at the Yaletown Grace Residences in the Vancouver downtown real estate market. The Suite 1602 at Grace Residences offers luxurious living over 1872 square feet with 2 ensuited bedrooms, open plan gourmet kitchem, entertainment size living room and dining room with grand fireplace, hardwood floors and 2 balconies. Full warranty is in place for this resale property at the Vancouver Grace Residences in Yaletown. Asisgnment of contract. For more information, you can contact David S. of REMAX Real Estate Services at

1104 Hornby Residences in Vancouver Downtown

1104 Hornby Condominium Residences in Vancouver Downtown real estate market by James Schouw & AssociatesThe residential apartment site for 1102 Hornby Street in downtown Vancouver real estate is comprised of two parcels at the corner location. It measures approximately 110’ x 120’ which is ideally suited to the scale of real estate development planned by JS&A, with consideration for massing, layout, parking and structural design. For this property at the Vancouver 1104 Hornby Residences, the ODP designates an allowable real estate development density of three times the site area (floor space ratio, or FSR) with internal provisions for parking, storage, mechanical systems and a ten percent heritage density transfer. The Vancouver real estate offering at 1104 Hornby Residence apartments and new townhomes will be built primarily of cast-in-place steel reinforced concrete, and the envelope will be constructed as cast concrete or a robust masonry rain screen. An underground parking at the presales 1104 Hornby condo units in downtown Vancouver property market will be provided and suites will typically be separated by demising walls of exceptional sound transmission resistance. The Green Features of the pre-construction 1104 Hornby new Vancouver downtown condos include: Environmental sustainability will play an important role at 1104 Hornby Street Vancouver. The ceilings will be high, the windows expansive, and many of the benchmarks set by JS&A on previous condo projects, will likely be incorporated, including geothermal heating and biometric building security. Interior spaces will generally adopt a brigher gallery style with a minimum of discretionary surfaces. The real estate downtown condo project at 1104 Hornby Street residences willb e designed to showcase assive heating and ventilation technologies. It will adopt low impact, energy efficient technologies. Other systems under consideration for the new pre-construction 1104 Hornby street condo apartments in Vancouver downtown include heat recovery exhaust ventilation, rain water recovery, grey water treatment and irrigation and waste water heat recovery. The new presale Vancouver condos at site 1104 Hornby will have 12,000 sq ft of residential space with a 3.0 FSR Gross Building Area of 45,600 square feet. There will only be 21 presale condos and townhomes at the 1104 Hornby Residences that will include seven one bedroom townhouses, two 2 bed townhomes, six one bed and den condos, two two bed and den condominiums and lastly, two more 2-bed suites.

Downtown Vancouver 225 Smithe Condo Apartment High-Rise

James Schouw & Associates presents the condo high-rise downtown Vancouver condominium tower at 225 Smithe StreetThe residential building description for the 225 Smith Condominium presale Vancouver suites by JS&A: The residential compomnent of this real estate project in downtown Vancouver, representingmore than two dozen condo suites, will capitalize on the unusual zoning opportunity to emphasize views, light, and remarkably high ceilings. With only on or two presale Vancouver condo suites per floor, the extraordinary design of the downtown Vancouver 225 Smithe condo apartment high-rise will emphasize smaller floor plates, with full height windows and floor to floor heights likely to exceed sixteen feet. A striking, unique design philosophy is emphasized at the presale 225 Smithe Condos in Vancouver downtown in order to distinguish the Smithe Street project’s reputation in the Vancouver real estate market. The commercial component to the pre-construction 225 Smithe building includes: large, dramatic, multi-level commercial “town homes” will anchor the real estate downtown Vancouver condo project to the neighbourhood. These elemtns are inteneded to provide complementary amenities to the residential suites at 225 Smithe condominiums in Vancouver, including an exclusive restaurant with room service provisions, and a world-class spa, which would also support the growing number of small boutique hotels in the neighbourhood that do not have adequate space for comprehensive in-house spa facilities. JS&A also intends to permanently occupy one of the commercial town homes at Vancouver 225 Smithe Street as an ongoing centre of operations and display requirements. The presale 225 Smith Condo site area includes 14994 square feet with a 5.5 FSR (including 10% heritage density) and the gross building area is 85,000 sq ft (approximately). The pre-construction Vancouver condo breakdown at 225 Smithe Street development will include only 25 units (residential) with 24 suites, 1 penthouse and 30,000 sq ft of retail and office space on the main, 2nd and 3rd floors of the site at 225 Smithe St. The design of this presale Vancouver new condo draws from the JS&A Hornby project as well and they will share complementary design philosophy, both as a matter of public interest and also in order to facilitate efficient management and construction. Where possible, design, envelope and engineering details of the 225 Smithe condo residential mix-use Vancouver downtown real estat eprojet, as well as site instructions pertaining to both projects will be public art. Green Features of the pre-construciton 225 Smithe condo apartments include environmental sustainability which will play an important role at 225 Smithe. The downtown Vancouver property project, with its high ceilings and high percentage of glazing, will be designed to showecase passive heating and ventilation technologies. The 225 Smithe condo project will adopt low impact, energy efficient technologies in addition to geothermal heating ad cooling.

James Schouw & Associates

James Schouw & Associates create art for people to live in. They are focussed, passionately, detail driven group of individuals who are like minded in their determination to make a meaningful and permanent contribution to the fabric of Vancouver reale state. James Schouw & Associates strives to surpass the status quo at every turn. In terms of character, liveability, integrity, and durability, they are confident that their real estate projects are unique from a local as well as a global perspective. They are proud that each of their creations at James Schouw & Associates is unlikely to be mistaken for any other, anywhere, regardless of origin.

James Schouw & Associates is committed to advancing energy efficienty and environmental sensitivity to all of its real estate projects. They bring several decades of combined experience and a hands on approach to design and development. James Schouw & Associates work with pre-eminent consultants, engineers and advisors to harmonize leading technologies with timelss architectural design. For James Schouw & Associates, they are also, quite simply, home. Having the opportunity to live in the Vancouver real estate projects that they create allows for an intimate perspective of the implications of their design. James Schouw & Associates create aesthetically beautiful homes that have the immediate impact of a striking work of art. With the passage of time the inherent liveability of their Vancouver homes is revealed through the influences of space, light and texture.

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Wednesday, June 11, 2008

Burnaby Rental Apartment Suites and New Westminster Condos For Rent - State of the Rental Lease Market

Burnaby Rentals and New Westminster Apartments for Rent

New Burnaby apartment condos for rent and lease are coming onto the market as investors try to rent their newly closed pre-construction condominiums and townhomes in this municipality.A great number of rental suites are available in both of these growing municipalities in the Lower Mainland that provide some of the best transportation routes, recreational facilities, parks, hospitals and much more. And best of all, both Burnaby and New Westminster are within close driving distance to downtown Vancouver, without having to cross any bridges. New West and Burnaby condo rental suites are on the rise as more people are moving into this desirable area. It is said that about three quarters of all presales real estate condo developments in the Greater Vancouver area will be in Burnaby and New West and about one quarter of all those units will become Burnaby rental suites and New Westminster apartments for rent within the next five years. With a booming economy, great balance of industrial, commercial, retail and residential, the rental market of condos and apartments as well as single family homes and townhouses in Burnaby and New West is a haven for real estate investors who seek great long-term deals. Here are some of the rental high-rise and low-rise condo homes available in both Burnaby’s real estate rental market as well as New Westminster.

Lougheed Village Burnaby Rentals

Great location to fit your needs at Burnaby’s Lougheed Village rental apartments. Large units in the village that range from 1, 2 and 3 bedroom condos for rent with heat, light and hot water all included with your rents! Also, the Lougheed Village condominium rentals are just minutes from Lougheed Mall and the new SkyTrain as well as many other community amenities. There is a Fitness 2000 facility, the Lougheed Village Bar & Grill, and professional services/retail shops just a short walk away from the Burnaby rental apartment homes at Lougheed Village and there are also low cost cable and high-speed interent available. Remember that there are no pets allowed. The Lougheed Village Burnaby condos for rent are located at 9500/9502 Erickson Drive as well as 9303/9304 Salish Court in Burnaby, BC. The one bedroom Lougheed Village apartments for rent start from $875 while 2 bedrooms are $1150 (penthouse 2 beds are $1650/month) while the 3 bed rental suites are $1500/month). Call 604.421.0282 or 604.420.3075 or 603.415.9001 or visit for all the details.

The CornerStone Condos at Simon Fraser University Rental Suites

If you are looking for SFU apartments for rent at the University, this spectacular mountain setting is perfect for students, families and couples. The CornerStone SFU rental apartment condos feature studio, one and two bedroom suites. By Midwest property managers, you can find out more information regarding the CornerStone SFU Condos for rent online at or by calling 64.291.6878 or emailing They are open Monday through Friday between 8:30 and 5. The Cornerstone at Simon Fraser University are rental apartment condos that feature four or six appliances (six being the ones with insuite laundry), new building with easy access to the SFU amenities as well as energy efficient building, saving you on monthly utilites as a renter. The SFU rentals at Cornerstone apartments feature closet organizers, wired for high speed internet access, lock up bike storage in addition to secure underground parking. The Cornestone condos for rent at SFU also are close to the transit loop that is just minutes away as well as 24 hour maintenance.

Gateway Property Management Corporation presents two great Rental Condo Towers in New West and Burnaby listed here.

New Westminster Condo Apartment Rentals are on the rise and with a significant in migration, these New West rent lease suites will be gobbled up very quicklyParkside Towers 1 & 2 are New Westminster rental apartment high-rise towers located at 820 6th Avenue (North Tower) and 525 9th Street (South Tower). The New West Parkside Towers have outdoor pool and are close enough to walk to transportation routes and SkyTrain to get downtown. The Gateway Property Managed New West rental suites at Parkside Towers also provides secure card access. Gorgeous views, spacious condo suites and modernized elevators with secured floor access. There is also communal amenities at Parkside Towers New West condos for rent that include a recreationa room and sauna and underground parking is also available. For personal viewing, call 604.524.5021. The second of the Gateway Property Management condo towers is Parkview Towers 1 & 2 that are located in Burnaby’s real estate rental market. These are located at 4769 HaZel Street and 4758 Grange Street in BC. Just one block from MetroTown and the SkyTrain, these conveniently located condominium rental homes at Parkview Towers go very quickly. With a range of community amenities that include: social and recreation clubhouse room, exercise room, outdoor pool and saunas, the Gateway Parkview Tower rental apartments provide security cameras and access cards to all residents in addition to great views of the city, mountains and water. These rental apartments in Burnaby are very large compared to other comparable condo towers in the city and also have newer elevators with secured floor access for your security. For more details about the Burnaby rentals at Parkview Towers, please call 778.786.8551.

A Place to Call Home – CAP REIT Apartments for Rent
A great article published in the Home Rentals Guide of Greater Vancouver and Victoria and written by Geraldine to promote New West rental apartment areas.

Massey Place New West Apartments for Rent

Excellent New Westminster location at 855 McBridge Boulevard in BC, the Massey Place condominium apartments for rent include fully remodeled suites that range from One Bedroom (700-850 sq ft), Two Bedroom (1050-1150 sqft), Three Bedrom (1300 sqft) and 2 bed and den condo rentals at 1400 sq ft. A stroll away from the famous Queens Park in New West, Massey Place apartment condos are steps away from Canada Games pool, walking distance to shopping and several schools and features a great outdoor swimming pool and wonderfully landscaped grounds. The New Westminster Massey Place rental apartments also feature heat and hot water inclusion with the monthly rent and new lighting in all rental suites with wall to wall carpeting and drapes. Call 604.524.5840 to tour these outstanding rental suites at Massey Place in the beautiful area of Queens Park New West.

New Westminster Princeton Place Rental Condos

Located at 1021 Howay Street in New West, Princeton Place features heat/hot water that are included with your rent in addition to huge balconies with scenic views, fitness facilities as well as enhanced exterior security lighting and floodlight for your security. Also, the Princeton Place rental suites in New Westminster also provides three modern appliances that include the stove, fridge and dishwasher in addition to a great location that is close to bus transportation and the SkyTrain station. The one bedroom rental apartments at Princeton Place in New Westminster’s rental market start ffrom $800 only and the two beds are from $1000/month. Call 604.521.8831 for details or you can visit

New Westminster Princeton Place Apartments for Rent

Princeton Place rental suites in New West on 1021 Howay Street is ideal for residents with its close proximity to the SkyTrain and a short commute to downtown Vancouver. The residential rental building in New West Princeton Place surrounds beautiful grounds and a courtyard. With various cycling and walking trails along the Fraser River, easy access to shopping at New Westminster Quay Market, Royal City Mall and neighbourhood shops, Princeton Place condos for rent in New Westminster makes city living enjoyable. The large, cable ready one bedroom and two bedroom units with private balconies. The one bedroom at Princeton Place New West rental suites is available immediately for occupancy February 1st. The rent includes hot water and heat and parking starts at $20. Each carpeted Princeton Place New Westminster rental suite has a 3 piece bathroom with ceramic tile tub surrounds and comes with a fridge, stove and dishwasher. There are laundry facilities on each floor at New Westminster’s Princeton Place rental apartments, an exercise room and Interac on site for easy rent payment. A great way to meet the neighbours is at annual resident events and social gatherings. For more information, contact 604.521.8831 or

St. Andrews Court New Westminster Rental Apartments

If you are looking for an apartment for rent in New West, the St. Andrews Court condo suites provide large units, some with balconies that range from just $800 per month for one bedrooms. Located at 910 Saint Andrews Street, these New Westminster rental apartments feature heat that is included, close to Royal City Centre Shopping Mall, and location that is close to schools and transit. Some of the condos for rent at the New West Saint Andrews Court rentals feature hardwood flooring and the residential leased building is clean and quiet. Cats are also ok. For more information, please call 604.540.0337 and for viewings, please call 604.339.2316.

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Friday, June 6, 2008

The Latest Vancouver Real Estate Stats - Will Prices Keep Going Up or are we expecting a time of Balanced and Sustainable Growth in the Lower Mainland

Experts Remain Confident in Vancouver Real Estate Housing Market

Confidence in the Vancouver housing market has perched this city's real estate values up high and will continue to be a significantly unaffordable community to live in.Credit Union of B.C. remains confident in the B.C. housing real estate market, and the respected group is not alone. CUCBC chief economist Helmut Pastrick anticipates B.C. house prices rising up to 12 per cent in 2008 and moving up again in 2009 by 12 per cent to 14 per cent. Pastrick, however, also cautions that poor affordability is the main constraint on the current new B.C. housing real estate market. Yet, housing starts in January and February were up 47 per cent over the first two months of 2007 in the Vancouver metropolitan real estate area, an indication that others also remain bullish. Meanwhile, Royal LePage survey has found that healthy year-over-year house price gains in Vancouver real estate were recorded during the first three months of 2008. While more modest price increases were observed when compared to previous quarters in the new Vancourer real estate property market, the solid appreciations are largely due to the shared effects of resilient local economies , high migration levels, and relatively low interest rates. This all points to enduring home buyer demand in Vancouver property, according to Royal LePage. While almost all real estate Vancouver markets surveyed experienced price increase in housing, it was the smaller cities, with relatively affordable housing and strong economies based on resources industries that emerged with the most significant gains. Thriving Saskatoon saw appreciation as high as 66 per cent, while areas in Newfoundland posted increases above 20 per cent for the first time since Royal LePage started tracking Canadian house prices.

Of the housing types in Canada surveyed nationally, detached bungalows increased to $336,834 (up 8.3 percent), followed by standard two storey properties, which rose to $400,647 (up 7.1 per cent) and standard condominiums, which increased in price to $240,423 (up 6.9 per cent), year over year. House prices in Vancouver real estate and Victoria property continued to climb during the first quarter of 2008 due to strong local and international home buyer demand. In Vancouver, the upcoming 2010 Olympic Games have added extra fervor to the already strong economy. The city’s high employment levels and relatively low cost of borrowing money conteinues to attract an in flux of new homebuyers to the Vancouver real estate market. While affordability in Vancouver appears to be decreasing, current rising wages and relatively low interest rates enable homebuyers to enter the housing market.

Vancouver Home Foreclosures Rising: Real Estate Expert

With the recent increase in trades worker and material prices in addition to construction delays, many developers have faced receivership.  On the flip side of it, may Vancouver real estate investors and home purchasers have overextended themselves with mortgage debt and payments.  The result is an expected increase in Vancouver foreclosure properties in the next year.According to Sam Cooper, a Staff Reporter for the North Shore Outlook newspaper: Real estate foreclosures on the North Shore and across the Lower Mainland are on the rise and the trend is expected to accelerate in the next few years, according to an expert. Kap Hiroti, a real estate investor in Vancouver who started a business gathering and selling data on B.C. foreclosures in 2006, says foreclosure listings have jumped in the past year. Back in 2006 an average week would see about 10 Lower Mainland foreclosure Vancouver listings, but now it’s clower to 20, Hiroti said. The reasons behind rising foreclosures is unprecendted lack of affordability and borrowers over-extending themselves to purchase homes, Hiroti explained. “We have people drawn to (purchase homes in) North Vancouver and West Vancouver, and find they can’t afford it,” Hiroti said in an interview Monday. So far in 2008 there have been three foreclosures in North Vancouver and three in West Van. There have been six in the Squamish Valley and three in nearby Whistler. “We are expecting to see (Vancouver foreclosure listings) go up in the next couple years,” Hiroti said. “I’m expecting some real movement as we get into 2010 and beyond.”

Hiroti said about 80 per cent of provincial B.C. foreclosures come from the Lower Mainland real estate market, with Vancouver and Surrey accounting for almost 40 per cent. Hiroti said most of the current Vancouver foreclosures listings result from loans taken out int eh past six to twelve months – as financially over-extended home buyers default or walk out of high-raio (little money down) loans with amortization periods up to 40 years. Hiroti said the new long-period loans allowed home buyers into a pricey Vancouver real estate market, but as they discovered they couldn’t keep pace with interest and payments, they hit the finanical wall. While Hiroti is predicting a big rise in Lower Mainland Vancouver foreclosures in the next few years, he doesn’t believe it will approach the tsunami of foreclosure listings hitting the United States now. In the wake of an excessive real estate market of “sub-prime” loans given to borrowers with questionable credit, the American housing market has collapsed as buyers eject out of huge loans and rapidly devaluing homes. At the same time, tightened lending resulting form the crisis has choked off real estate market entry for many prospective buyers.

Hiroti said American lenders were far more agreessive than their Canadian counter parts and thus the Canadian real estate market should be insulated from the debacle taking place in the United States. “Canada has some sub-prime lenders but not to the same extent as the U.S.,” Hiroti said. “Our credit is clamping down here (but) itn’s not a crunch.” Hiroti said he believes “fairly low” interest rates and continued popularity of 35 to 40 year loan products will mean stabilization of prices in Canada’s “softening” real estate market and lead to a stable Vancouver foreclosure property market. “We’re not going to see anything like (the dip) in the U.S. (real estate market or foreclosure listings.” In a series of reports this month, Cameron Muir, chief economist for the British Columbia Real Estate Association, signaled a shift to a more buyer friendly real estate market in Vancouver. “Some weakness on the export side of the economy and eroding affordability will have an impact on housing demand over the next two years,” Muir said. B.C. home sales were down 14 per cent in the first quarter of 2008, while active listings were up 24 per cent, according to Muir. “more balance between demand and supply means less upward pressure on home prices. It also reduces the chance of multiple bids on the same (Vancouver home), giving homebuyers more time to investigate properites thoroughly before purchasing.” Home buyers in Vancouver who want to access the Vancouver foreclosure real estate market can sometimes negotiate deals below market value, depending on the financial situation of the owner, Hiroti said. DealSpeak Inc.

Vancouver Housing Market Cools

According to Jeff Nagel for the Black Press and published in the North Shore Outlook newspaper: The once-hot Lower Mainland housing real estate market has cooled significantly, new stats show. Real estate stats for May in Vancouver show home prices have posted only small gains so far in 2008. Detached house prices are up about 5.5 per cent so far in 2008 in both the Greater Vancouver and Fraser Valley realty areas ito $771,250 and $549,610 respectively. Greater Vancouver townhouses sold for 4.8 per cent more in May ($479,000) while condos were up 3.1 per cent to $390,000. Fraser Valley townhomes and condos are both up less than one per cent for the year so far to $341,000 and $229,700. Both those average selling prices marked a slight drop from April. Both real estate boards reported a sharp drop in sales and many more new housing listings from prospective sellers compared to a year ago – continuing evidence of a softening Vancouver and Fraser Valley real estate market. “Prices are not increasing as rapidly – now down to single digits overall – which is good news from an affordability standpoint,” said Dave Watt, president of the Real Estate Board of Greater Vancouver. Greater Vancouver real estate sales were down 33 per cent in May from a year earlier. Fraser Valley sales in housing real estate were off 26 per cent and active listings surged 33 per cent in May. “We’re experiencing a return to more normal market conditions,” said Kelvin Neufeld, the Fraser Valley Real Estate Board president. CMHC has predicted residential price gains in housing in Vancouver of eight per cent this year and five per cent in 2009. That would end four straight years of double digit growth. Analysts say a US style housing market real estate collapse here is unlikely, thanks to Vancouver’s job and population growth trends and its constrained geography up against mountains, ocean and the U.S. border. The Greater Vancouver real estate stats count Metro Vancouver except Surrey, Langley, and North Delta, which are tallied in the Fraser Valley real estate numbers.

Greater Vancouver Home Sales Inched Higher in January

According to the REW weekly for Greater Vancouver, Housing sales across Greater Vanocuver inched slightly higher in January compared to a year earlier, while listings of homes for sale also increased. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales totalled 1,819 in January 2008, an increase of 0.7 per cent over January 2007, and a 5.5 per cent decline form January 2006. New listings also climbed 14.9 per cent compared to January 2007. In contrast January 2006, new listings from this January rose more dramatically up 34.7 percent. “with new listings outpacing sales increases to start the year, it appears the real estate market is heading toward more balance,” says REBGV president. “the result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.” Sales of apartment properties in Greater Vancouver in january 2008 rose 11.7 percent to 860. The benchmark price, as calculated by REBGV’s price index, of an apartment property increased 13.8 per cent to $378,336. “It was clearly on the strength of the apartment sales that overall residential sales figures increased in January,” says Naphtali. “there’s clearly been a trend over the past decade toward growth in the high density condo market. More and more consumers are purchasing apartments.” Attached property sales declined 6.7 per cent to 318, compared with January 2007. The benchmark price of an attached unit increased 12.4 per cent to $462,627. January 2008 sales for detached houses decreased 7.8 per cent to 641 from the same period in 2007. The January benchmark price for detached properties in Greater Vancouver’s real estate market rose 15.7 perc ent to $742,490.

BC Construction Leading in Canada

52,000 jobs created in the field, census shows and written by Kristen for Metro Vancouver magazine in March 2008. British Columbia’s booming construction real estate industry helped make the trade one of the fastest growing labout fields in Canada, a study released yesterday found. Nearly 52,000 construction jobs in BC were created between 2001 and 2006, making up one quarter of the province’s job growth according to Statistics Canada’s report on labour mobility. In Alberta, real estate construction sector increased by 39,700 jobs during the same period. The expansion in BC is attritubted in part to the buildup to the 2010 Olympic Games. Mak Kader, who works for Graham construction, moved to Vancouver in September after two fruitless years searching for a real estate construction related job in Toronto. “It’s better wather, better pay and benefits, and better hours,” he said in Vancouver.

Real Estate Market Forces, not Olympic Games, To Drive Vancouver Property Demand

Published in the Real Estate Edge on February 23, 2007 and written by Monte Stewart. Forum looks to future of housing growth in the Greater Vancouver region. The 2010 Vancouver Winter Olympics will not be a big driver of new housing demand, predicts a leading residential real estate market analyst. Traditional market forces – not the Games – will still be dictating demand around 2010, says Jennifer Podmore, managing partner of MPC Intelligence. MPC Intelligence updates companies monthly on residential real estate projects in Vancouver, Victoria, the Interior and Calgary through its website ( Clients include real estate developers, builders, lawyers, architects, and municipalities. Podmore recently spoke at a panel discussion at the Buildex 2007 conference on the future of the Greater Vancouver real estate property market.

She noted that today’s prices will go up only slightly between now and the Olympic Games. “But the big message that we’re giving our clients is that they have to plan in today’s dollars for tomorrow’s market,” she said in an interview. “By the time the Olympics hit, that’s going to be our eighth consecutive year of real estate market growth, if we keep going in that way,” she added. “No market – no matter how healthy and sustainable you are, and how great your economic indicators are – can handle that sort of sustained long-term growth.” Real estate developers in Vancouver recognized long ago that the Olympic Games would not be a huge source of residential demand. And this year, Podmore predicted, the Greater Vancouver residential market won’t see the same rapid escalation in prices that it has in the past couple of years, purely as a result of reduced affordability and because most home buyers are “end users” – people who will actually live in the homes – rather than real estate investors.

MPC is monitoring 2,100 residential projects, which contain more than 71,000 units, that are now in the planning and construction stages. High-rise condos make up the bulk (4,335) of 8,674 new units expected to come on the real estate market in the near future, while low-rise (1,691) and townhomes (767) rank second and third, respectively. In the future, Podmore expects real estate developers to build more woodframe condos, which cost less than concrete structures. The high cost of concrete has repeatedly been cited as a prime cause of construction-cost increases in the past few years. Podmore forecasts that the downtown Vancouver sub-market will have the highest unit cost this year - $825 per square feet, compared with $775 in 2006. Surrey and Langley will have the lowest at $390. Although the Olympic Games won’t affect housing demand, they will have a big impact on the industrial market, according to Russ Bougie, an industrial-property sales specialist with Colliers International. Bougie is expecting a sizable decline in industrial demand following the Games.

Now, however, industrial vacancy is at only 1.4 per cent. In other words, for every one million sq ft of industrial land, only 14,000 sq ft of warehouse space is available for lease in Greater Vancouver. “You don’t know how many calls I get from tenants looking for X amount of square feet with a dock or a loading door, and it doesn’t exist,” said Bougie. As a result, many companies are opting to operate several small locations rather than one large one, and firms are moving their operations further east toward the Fraser Valley. Home Depot opted to acquire property in Port Coquitlam for a 20,000 sq ft warehouse, he said, because it could not find a site closer to West Vancouver and Vancouver stores that the new facility will service. Bougie predicted an average lease rate of $110 - $120 per square feet. “Our real estate market has changed a lot,” said Bougie, referring to higher industrial-property prices. “I’m not complaining.”

The Olympic Games will also have an impact on demand for office space, said Andrea Walburn, research director for Cushman Wakefield LePage. “There are going to be a lot of short-term leases and a lot of companies (opening new offices) related to the Winter Olympics,” said Welburn. But this year, demand for office space, which has been extremely high the past few years, will start to ease. Approximately 12 to 15 floors worth of office space downtown may stabilize rental rates that have reached $40 per square foot recently. “Downtown, we’re about five per cent vacant – which is nothing,” said Welburn.

Burnaby and Surrey are poised to add more supply while New Westminster, which has a 16 per cent vacancy rate and is not an overly attractive sub-market is making slow steady improvements. Meanwhile, strong demand is also expected to continue in the retail sector. But Curtis Redel, a retail specialist with Avison Young, indicated that real estate market will still experience some significant changes. Some planned real estate projects will be postponed as consumer spending slows down and a labour shortage continues beyond 2010. Today, the drivers of retail real estate demand are the strong North American economy, U.S. consumer spending and investment, downtown Vancouver’s population growth, street-front locations, the labour shortage and rising land prices. As a result, of these factors, local tenants have been pushed out by international chains.

Based on the number of people who sought out Podmore for one-on-one questions afterward, most Buildex conference delegates were interested in residential demand. “It was quite interesting,” said Rich Zalaudek, a realtor with Royal LePage. “They all wanted her to forecast what was going on. They all wanted the answers. People are relying on somebody else to get the answers and then go ahead and that, instead of trying to figure it out themselves.” He said the Olympic Games will have more of a long-term effect on residential demand. “We’re going to be on a world stage,” he said. “They’re going to go, ‘Wow, what a fantastic place.’ But I don’t think they’re all going to rush here and buy homes right away.”

The relocation of industrial properties and real estate to the Fraser Valley and elsewhere will help to balance the Greater Vancouver market as jobs and homeowners move with them, he added. “Since the prices of homes are so high, there is relief in the valley,” said Zalaudek. “(The average home price) is slightly less. I think (movement of industrial sites) is good. It’s spreading things out and making the whole Lower Mainland more liveable. It just makes more sense.” James Ko, project manager with Kozy Development Inc., a Vancouver-based multi-family home and commercial builder, said he was glad to hear expert speakers confirm real estate trends that he has already noticed. “The forecast, I think, is good,” said Ko. “They’ve got reasons behind what they’re saying. It’s a growing city. There’s a cycle.”

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Tuesday, June 3, 2008

New Vancouver Assignment Listings, Assigning a Condo Residence Sale in the Lower Mainland Property Market, Current Condominium Listings

New Vancouver Condo Assignment Listings

The new Vancouver assignment condo sales market has slowed down, but there are so many condominium style residences on there, you are sure to find great property deals in downtown or elsewhere in teh Lower Mainland.If you are moving into the city or missed out on the pre-sales and pre-construction condominium Vancouver real estate sales launches, don’t worry, as Vancouver assignment listings for townhomes, condos and homes are available for purchase. Many people are confused about what a Vancouver condo assignment sale entails. Firstly, real estate assignments in any market begin by the developer and builder presales and selling condominium homes prior to completion. Pre-sales condos are also called pre-construction or when purchasers or investors buy these properties, it is called buying ‘off the plan” and these properties are available for assignment listings and assignment Vancouver sales later. Basically, there is no physical home or property for a home buyer to look at, see or touch. In many cases, builders and real estate developers will set up elaborate condominium sales centres and discovery presentation centres complete with fully furnished suites to give the potential buyer a sense of what the finished product will look like.

Both real estate investors as well as home buyers alike will purchase off-the-plan or presales Vancouver condos and in many ways, these are popular ways of getting into the market early and only having to pay a small deposit for a late closing (most projects pre-sell years before the completion date) giving first-time homebuyers and investors time to earn more money for a larger downpayment thus providing a smaller mortgage. When real estate investors or homebuyers purchase these presales condo homes in Vancouver, they sometimes have the option of selling the condominium by Vancouver assignment sales. What this means is that another homebuyer or investor can assume or purchase the agreement through a condo assignment at the specified price. This is great for home buyers who didn’t have a chance to purchase during the initial sales phase or for investors to make capital gains on flipping property. Vancouver assignment condominium sales are on the rise and many people are finding that it is a perfect way to get straight into the burgeoning real estate market before they are priced out of the city and from owning property.

So How Does a Condo Assignment Sale Work in Vancouver Real Estate?

If you are looking to assign a condo in the Vancouver real estate market, you may be out of luck right now as there is currently a 6 month inventory of new properties on the market right now.  However, Vancouver condo assignments are still doable in hot neighbourhoods.How a condo assignment in Vancouver works is that any purchase of new property, whether it is a townhome or condo or home, there are taxes involved that include the GST and property transfer tax. These are paid upon completion. If an investor or home owner of a presales property in Vancouver decides to sell the condo by assignment listing, they can do so but the buyer has to agree to pay the condo owner the original deposit required (usually 5% to 25%) in addition to the capital gains that have been realized by the property since the original purchase. Take for instance this Vancouver condominium assignment example: if a real estate investor or homebuyer purchase a pre-construction Vancouver condo at $300,000 using a 10% deposit ($30,000) and lists at $350,000 one year later, then the new home buyer purchasing the assignment Vancouver condo listing will have to come up with the original $30,000 deposit in addition to the $50,000 increase in the property value for a total of $80,000 to assume the condo via assignment sale. In addition, the new buyer of the condo assignment buyer in Vancouver will be responsible for all closing costs including the GST, property transfer tax and legal dues.

The only fees associated with the original home buyer or investor who invested in the property include an assignment fee that is a certain percentage of the selling price going back to the developer (usually between 1% or 2%; so in this example, would have been 1% of $350,000) as well as the realtor fees (which is usually lower and around 4 – 6% of the selling price).

Downtown Vancouver Woodward’s Assignment – Woodwards Condo For Sale

The downtown Woodwards Condo Assignments are now available and here is a fabulous 33rd floor one bedroom condo for assignment right now!If you are looking for one of the best deals in downtown Vancouver, this one bedroom and one bathroom presales Woodwards condo is selling via assignment real estate sales today. Only $425,000, this Woodward’s assignment condominium has great south-west views on the 37th floor of W43 (the taller condo high-rise). At 660 square feet plus a parking spot, this Woodwards assignment condo is available today. For more information, please contact mike @

SMART Gastown Condo Assignments - Concord Pacific Vancouver Development

New SMART Gastown assignment condo residences are now available through Concord Pacific real estate developers.Another great assignment deal in the downtown Vancouver real estate assignment market are two one bedroom plus den units in the upcoming Concord Pacific project called SMART Gastown. Located just four blocks from Waterfront Location and within the lively and ecletic Gastown real estate neighbourhood, the SMART Gastown assignment sales are now one of the best valued downtown Vancouver property choices that any home buyer can make. These are both over 735 square feet in size and come with a dedicated parking space on deeded title, which means that if you purchase these assignments at SMART Gastown condos in Vancouver, you will never have to worry about parking in downtown. The SMART Gastown condominium assignment condos for sale won't last long and are priced reasonably at just $375,000.

All in all, assignment sales or flipping new property in Vancouver has become popular amongst savvy real estate investors as well as home buyers who have second thoughts about moving into their new home. However, assigning real estate properties as a full-time job may be a bit tricky as many assignment Vancouver listings only work if they are close to the completion date. Remember that new home buyers will have to shell out a lot more cash in terms of deposit to secure your condominium unit through assignments and you assigning the contract to them, and many first-time home purchasers simply do not have that much money in the bank. Things to watch out for in Vancouver assignment condos are the realtor assignment fees, realtor fees as well as when the developer will allow you to sell your condominium by assignment, as often stated in the contract of purchase. There are numerous condo tower residences in Vancouver that have assignment properties and condominiums, so just look around and you will find great deals. Rennie resales and condominium assignment sales are popular by this leading Vancouver real estate marketing firm. Many developers and sales and marketing teams will help with assigning your condo property to new owners as well which makes sense as they know the development and have a list of potential buyers who missed out on the initial condominium offerings.

Condo Assignment Sales – Selling Can Be Complicated

Another excellent article written by Ryan for the MetroNews Vancouver in October. As the Vancouver real estate market continues to soften in the approach of a potential recession, more and more home purchasers of pre-built condominiums are contemplating the idea of selling their contracts which is known as a condo assignment sale. This is called the selling of a real estate assignment and can be a more complicated venture than most people assume, with potentially legal consequences. Essentially, the key difference between selling a property and selling an assignment of real estate contract is that with one comes the transfer of land and with the other comes a contract giving the right to complete on a property. It is for this reason that is is always advised you use both a realtor and a real estate lawyer to assist you through the process. These professionals will have access to contracts drafted specifically to deal with the complexities of selling and buying property assignments. One of the risks of assignment deals involved is the often misguided notion that once you sell your contract you are no longer liable to the real estate developer. What is important to note is that if the new buyer does not complete on the property, the real estate developer retains the right to seek legal action against the original purchaser. To protect yourself, you can request a release from the property developer so that you will not be legally responsible to pay should the “assignee” (individual who purchased the real estate assignment) not be able to complete. While most developers will not grant this request, it is worth asking. It is also important to know that a property developer’s permission is usually required to sell an assignment and that some developers charge for it. With all the variables, you should really do your homework. It is not a simple sale and without the help of real estate professionals, you can open yourself up to consequences.

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