Thursday, September 24, 2009

2009 GVHBA Open House - Greater Vancouver Home Builders' Association Presents the 2009 Showcase of New Homes with 57 Open Houses across Lower Mainland

GVHBA Open House – Greater Vancouver Home Builders’ Association Presents the Fall 2009 Open House – A Showcase of New Homes!

Greater Vancouver Home Builders' Association presents the Fall 2009 Open House for New Vancouver Homes at 57 different project sites.Come and tour the latest new home developments and Greater Vancouver real estate projects brought to you by the GVHBA Fall 2009 Open House. The Greater Vancovuer Home Builders’ Association has put together an incredible line up of new Vancouver homes for sale from some of the best builders in the Lower Mainland property market for the Fall 2009 GVHBA Open House. Come and check out the latest hot trends in home design, decorator ideas and house ‘bling’… prepare to be inspired by this year’s Greater Vancouver Home Builders’ Association Fall 2009 Open House Event. Watch for the full colour GVHBA Open House Fall 2009 brochre – A Showcase of New Homes magazine delivered in your Black Press community newspaper this week and/or check out the Fall 2009 Open House GVHBA New Homes Showcase on the website at for “open house” locations and previews. Starting Saturday, September 26th, 2009, the GVHBA 2009 Fall Open House presents condos and new homes by Greater Vancouver developers and builders including: Wallmark Homes, Vesta Properties, Sonoma Homes, Portrait Homes, Polygon Realty, Morningstar Homes and Intracorp. In addition, other Greater Vancouver Home Builders’ Association Fall 2009 Open House developer showcased by the GVHBA include Foxridge Homes, Domani Homes, Cressey Development Corp, Clay Construction, Boffo Developments, Ambros Developments and Adera Development Corp. Visit the 57 (fifty seven!) different GVHBA Open Houses in the Fall 2009 showcase of new homes starting Saturday September 26th to Sunday, October 4th.

More details coming this weekend!

Greater Vancouver Home Builders’ Association Coquitlam Open Houses 2009

Ledgeview Coquitlam Lowrise Condos for Sale
A new lowrise condominium development is taking shape at 3132 Dayanee Springs Boulevard in the Coquitlam real estate market place. Showcased at the Greater Vancouver Home Builders’ Association Fall 2009 Open House, the Coquitlam Ledgeview condos are brought to the market by Polygon Ledgeview Homes Ltd. and Polygon Dayanee Springs Development Ltd. These lowrise Coquitlam condos for sale feature two and three bedroom floorplans with two bathrooms. The Ledgeview condos at the GVHBA Fall 2009 Open House showcase of new Vancouver homes are actually part of the master planned Polygon Dayanee Springs Coquitlam real estate community and is close to many cultural activities, recreational options, shopping, dining and award winning top rated schools for your children. Another great incentive for checking out the 2009 Fall Open House by GVHBA is the exclusive membership to the Dayanee Springs Timbers Club, a seventy five hundred square foot resident only amenity clubhouse. Best of all, these new Coquitlam Ledgeview condos for sale are priced from less than $300,000 and there are currently two display suites for prospective buyers. Visit for more information.

The Birchwood Estates Single Family Coquitlam Homes for Sale
Brought to the Coquitlam real estate market by Wallmark Homes, the Greater Vancouver Home Builder’s Association showcase Fall 2009 Open House features these large three to five bedroom and 3-6 bathroom single family detached Coquitlam homes for sale at the master planned and very beautiful Birchwood Estates by Wallmark Homes located at 3372 Scotch Pine Avenue, Coquitlam BC. Here, Coquitlam homebuyers will find custom homes that are located at the peak of the Foothills community where there are only thirty seven one of a kind Coquitlam single family detached homesf or sale on large estate lots that range from eight to thirty four thousand square feet in size. Impressively large, luxurious and spacious homes are still available at the Birchwood Estates Coquitlam homes for sale that are priced from $914,900 and there are two display homes now available for viewing during the Fall 2009 GVHBA Open House event. Check out for more details.

Burke Mountain Heights Coquitlam Homes for Sale
Built by award winning Foxridge Homes, these single family detached homes for sale at Coquitlam Burke Mountain Heights are located at 3396 Don Moore Drive, Coquitlam BC. Featuring home plans that have three to four bedrooms and 2.5 baths, the special features here at the new Coquitlam Burke Mountain Heights homes for sale as featured in the Fall 2009 GVHBA Open House and Showcase of new Vancouver Homes 2009 features large open concept floor plans that range from twenty one hundred and twenty three hundred square feet in size plus unfinished basements. The views are amazing and there are lots of choices for the homebuyers when it comes to both interior and exterior palettes. The pricing for these new Burke Mountain Heights Coquitlam homes for sale start from the mid six hundred thousand range and there are currently two show homes available for viewing during the Greater Vancouver Home Builders’ Association Open House Fall 2009. Visit

GVHBA Fall 2009 Open House in Anmore Real Estate Market

Crystal Creek Anmore Single Family Homes for Sale
Brought to the Anmore real estate market place by Sonoma Homes, the Crystal Creek Anmore single family detached homes for sale are located at 312 Forestview Lane, Anmore BC and is the only entry into this years’ GVHBA Fall 2009 Open House from this district. The Anmore homes for sale features four bedrooms and 4.5 bathrooms and some of the special features include very large fllor plans that are up to four thousand nine hundred and fifty square feet in size. These very luxurious custom executive homes for sale at the Crystal Creek Anmore real estate development have high end finishing and there is lots to choose from when it comes to building your own home on spacious one third acre lots and homesites still available. The new Crystal Creek Anmore single family homes are priced from $1,288,000 and there is one show home available for viewing during the Greater Vancouver Home Builders’ Association Showcase of New Vancouver Homes. Visit for more information.

Richmond, Burnaby and New Westminster Showcase of New Homes by GVHBA 2009 Fall Open House

Meridian Gate Richmond Lowrise Condos for Sale
The low rise Richmond condos for sale at Meridian Gate are featuring the last of the two bedroom and two bathroom floor plans during the GVHBA 2009 Fall Open House brought to the Richmond BC real estate market place by Polygon Meridian Gate Homes Ltd. The lowrise Richmond condominiums are part of the Alexandra Gardens neighbourhood located at 9288 Odlin Road, Richmond BC and you will be seconds away from the top rated restaurants, shopping, schools, transportation routes, community amenities and much more. The Meridian Club at the Meridian Gate Richmond lowrise condos for sale features over seven thousand square feet of five star resort amenities and the GVHBA Fall 2009 Open House features these condominiums priced from only $339,000. There are three display suites open and visit for additional details.

Burnaby GREEN Apartments Featured at GVHBA 2009 Fall Open House
Adera Development Corp features the new GREEN Burnaby apartment homes located at 105 - 7488 Byrnepark Walk, Burnaby BC, featuring one to three bedroom suites (although one bedroom floor plans are now sold out) as well as 1-2 bathrooms in this low rise built green environmentally friendly neighbourhood. Nestled between both the forest and park space, GREEN Burnaby apartments for sale are located in a well established community already that is close to the SkyTrain station, tonnes of shopping and dining options and are affordably priced from just $284,900 and completing soon. There are two show homes for the Fall 2009 GVHBA Open House and you can visit for more info.

Via New Westminster Real Estate Development Showcase
Built by Boffo Developments Ltd., the new New Westminster Via condominiums include low rise condos with two to three bedroom layouts and 2 bathrooms. Located at 1032 Ewen Avenue, New Westminster BC, the GVHBA Fall 2009 Open House features one display suite and plenty of spacious floor plans for New Westminster homebuyers to choose from include ones between 1144 and 1240 square feet in size. Amenity rich and great features (includes nine foot ceilings, while the top floor New West penthouse Via suites have ten foot ceilings with vaulted ceilings up to thirteen feet), in addition to large outdoor living spaces up to 667 square feet and premium appointments. The Via New West condos start from the mid three hundred thousand range and you can visit for all the details.

Maple Ridge Real Estate Developments Showcased at the Fall 2009 GVHBA Open House

Stoneleigh at Silver Ridge Maple Ridge Homes for Sale
The only Maple Ridge real estate development entry into this year’s 2009 Greater Vancouver Home Builders’ Association Fall Open House is at the Portrait Homes Stoneleight at Silver Ridge single family home community. Located at 13610 - 229A Street, Maple Ridge BC, these Silver Ridge Stoneleigh homes are three plus bedrooms and 2.5 bathroom floor plans that have great room designs, vaulted ceilings with skybridges and very spacious master ensuite bathrooms. Award winning Portrait Homes also features the Garibaldi floorplan design that has awesome finishes and spectacular views. The Stoneleigh at Silver Ridge single family Maple Ridge homes for sale at this years 2009 Greater Vancouver Home Builders’ Association Fall Open House start from a great pricepoint of only the mid $500k range and there is one home available for viewings. Visit for more details.

GVHBA Fall 2009 Open House in Langley and Fort Langley Real Estate Market

Bedford Langing Fort Langley Homes by ParkLane
There three and four bedroom single family Fort Langley homes for sale at Bedford Landing waterfront community features 3-4 bathrooms and perfect family sized houses and floor plans in the heart of the city. These great room designs and contemporary homes have open plan kitchens and even private yards and the Fort Langley Bedford Landing homes are located at 23015 Billy Brown Road, Fort Langley BC. The GVHBA Fall 2009 Open House features this development that is close to lots of parks, golf courses and the river and are priced affordably from $594,900. There are three show homes available for the GVHBA Fall 2009 Open House and you can visit for more details.

Milner Heights GREEN Street Langley Real Estate Community
A master planned GREEN Street Langley community at Milner Heights by Vesta Properties Ltd. is now featured at the GVHBA Fall 2009 Open House in Langley. With a wide variety of housing types to choose from (they offer four plex manor homes, fee simple rowhomes and single family Langley Milner Heights homes for sale), the floor plans are also varied between two to four bedrooms with 2-4 baths. Built GREEN along a Langley GREEN Street, the award winning Milner Heights community is located at 20843 - 69B Avenue, Langley BC which is next to a protected environmental reserve with a greenway and lots of pathways. Spacious floor plans and fully landscaped yards are other features of the Langley Milner Heights real estate development featured at the Greater Vancouver Home Builders’ Association Fall 2009 Open House and the condos start from $489,000 with five show homes now available. Check out for more details.

High Point Equestrian Estates Langley Custom Homes
A Cressey real estate development, the Langley High Point Equestrian Estates is a unique opportunity for homebuyers to build their dream custom home on an estate lot. Purchase a spectacular Cressey built Langley home at the High Point Equestrian Estates and you can live in a community of rolling hills and tonnes of space for you and your family to grow. Generational country style living comes to the city of South Langley here at the High Point Equestrian Estates featured at this years’ 2009 GVHBA Open House and showcase of new homes. The estate lots are priced from just below $500k and there is one display home open. They are located at 20048 - 2 Avenue, Langley BC and be sure to visit for more details.

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Monday, July 27, 2009

City of Vancouver Approves Secondary Suites in the Sky - Essentially Vancouver Basement Suites or Condos Within Condos - Minimum Size of 280 sq ft

The City of Vancouver Council Passes “Mortgage Helpers” in the Sky for Condos within Condos

According to Metro Vancouver newspaper, the City of Vancouver has passed the bylaw that would allow for secondary suites within Vancouver high-rise condominiums. Citing a few problems with the current model, the City of Vancouver explained that availability as well as affordability are expected to rise with the ability to rent condos/rooms within condos legally in the City of Vancouver rental market. Secondary suites within high-rise Vancouver condominium towers are coming soon to the city, as new property developments will certainly take advantage of these incentives for mortgage helpers for new homebuyers. In a great move that will see the rise in the City of Vancouver’s rental condo stock and home affordability, the City of Vancouver coundil has agreed to the development of Vancouver secondary suites within condo homes. Often termed as mortgage helpers for sky suites, the City of Vancouver is the second municipality in the Lower Mainland to pass this form of secondary suite, just after Burnaby ok’d earlier this year. Just like a Vancouver basement suite, the Vancouver secondary suites in the sky will be lock-off units within condos that will be quite small, but affordable rentals. Much like UniverCity SFU Burnaby real estate development that is the first full-scale condominium project that has created floorplans that sustain secondary mortgage helpers and condos within condos, these Vancouver basement suites allow people to purchase a larger home while renting out these mortgage helpers to help pay down debt, and even make it more affordable for them to purchase new property. Many homebuyers may ultimately purchase a 3 bedroom condo with one of the bedrooms as a lock-off suite, as the Vancouver mortgage helpers or condominiums within condos will help pay part of the mortgage.

For details about the recently passed housing bylaw for legal Vancouver laneway housing, please refer to this link.

More About the Vancouver Secondary Suite Lock-Off Unit Plan

A secondary advantage of these Vancouver secondary suites is that it will help increase the Vancouver rental stock, which for decades has been very tight. With these basement suites or Vancouver lock-off suites the size of a small hotel room, the bylaws surrounding these mortgage helpers will be a minimum size of 280 sq ft with a bathroom, kitchen area. And for new Vancouver condo development, floorplans allowing lock-off suites down to 205 sq ft will be allowed upon a case by case scenario as long as all regulations are followed including security, storage and lighting in the Vancouver mortgage helper suite. Residentiaul suites the size of a five ton truck has never been seen in the rental Vancouver real estate market, so this is definitely a first. Allowing for families to age in place, homeowners can now rent out the suite before they have children and expand their own home during the time when their kids grow up, and then lock-it off again once their children leave, allowing Vancouver homeowners to effectively utilize and leverage their property investment. The City Council expects that it will take about 1 year before the first master-planned Vancouver condo real estate development will have secondary lock-off suites built into the floor plans. What people don’t realize is that the City of Vancouver allowed for secondary suites in the South Vancouver East Fraserlands real estate development.

More information about Burnaby lock-off suites and Burnaby secondary suites in the sky, please click here.

Rental Suites Inside Condos Approved by Vancouver City Council

According to Real Estate Weekly, the City of Vancouver have approved Vancouver lock-off suites within condos as small as two hundred and five square feet which is meant to ease the very tight rental market in the city. With Vancouver lock-off rental suites within condominiums becoming reality, many Vancouver condo owners will be able to rent out these ‘mortgage helpers’ to students or other individuals looking for small affordable spaces to live. Lending some of the approval to the City of Burnaby’s UniverCity development that saw the creation of these legal lock-off suites within condos, homebuyers in the Vancouver real estate market can now look from larger residences such as two and three bedroom condos and then rent out the legal rental suite within the condo to help with their mortgage payments, thereby making their own home into a valuable asset. With lock-off suites approved in Burnaby, the City of Vancouver has now followed suit, allowing for Vancouver lock-off suites within existing condos as small as 205 sq ft. In Burnaby, condo lock-off suites can be up to 240 square feet and were part of the UniverCity real estate master planned community for student housing. The rental suite or lock-off suite within the condo will have its own entrance, kitchen, bathroom and can be as small as 280 square feet in Vancouver down to 205 as a minimum as long as there is adequate lighting and storage for the tenant. Such rezoning and approval of Vancouver lock-off suites in condos will allow the densification of areas such as downtown Vancouver as well as Southeast False Creek in future developments. South Vancouver East Fraserlands had already gotten approval from City Council for secondary suites in strata units and that community is in its development stage right now.

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Friday, February 20, 2009

Is It The Right Time To Buy Vancouver Real Estate? Low Interest Rates and Falling Housing Prices Make It A Good Time to Consider Investing in a Home

Vancouver Real Estate Update April 2009 – New Stock of Vancouver Condo Units Dwindling

In a recent study and analysis of Vancouver real estate inventory, it came as a shock for many homebuyers and real estate investors/analysts that the housing stock is dwindling in the City of Vancouver as of March and April 2009. According to 24 Hours Vancouver newspaper, Dharma: “Prices for new Vancouver housing real estate stock have hit the floor, according to the man who launched a series of bulk real estate sales across the region. According to Cameron McNeill, president of MAC Marketing Solutions, he said that his latest condominium Vancouver promotion, which started on March 20th, 2009 and represents over $110 milion in Vancouver home sales at four real estate developments, could be the last of its kind as vacant properties in the Lower Mainland and Fraser Valley built before the economic downturn are filling with residents. “New [Vancouver real estate] developments cannot come to market at these values,” McNeill said. “They don’t make economic sense or every few of them do.” A further drop in Vancouver new home sales prices may not be in the cards according to MAC Marketing solutions as well. “I think that we’re going to see that we’ve found the floor and we’re going to be staying close to these prices –for six months to at most a year – and then we’re going to see a slow appreciation.” But Tsur Somerville, associate professor at UBC’s Sauder School of Business, said projecting an economic recovery in the Vancouver real estate market is no easy task. “People in the business of selling talk about the economy stabilizing and starting to come around and then there are others who aren’t so optimistic,” Somerville added. “There’s a consensus that prices [for Vancouver real estate housing] have further to fall. What there’s not as much as consensus on is when things start turning around.”

Vancouver Real Estate Market Downturn or Property Market Opportunity?

We are in a Greater Vancouver/Lower Mainland housing market that has definitely changed from the furious pace of the last few years. While the media slowly tires of sensationalized stories of a crash, industry experts watch as Vancouver real estate opportunities emerge. And I ask, is this a market downturn or a market opportunity? A special advertisement provided by Polygon real estate developers in Vancouver. Economic Slowdown: After six years of exceptional growth there is no doubt British Columbia now faces a more difficult challenge. With the financial crisis and global economic slowdown new challenges have emerged in the Greater Vancouver real estate market and will become the stories of 2009. Home Prices Within Reach: The bad news is not unfamiliar, home prices in Greater Vancouver have fallen. But is this really bad news? For those renters looking to get into a new home, home prices in the Lower Mainland are within reach for the first time in years. For those that currently own a Vancouver home, the news isn’t all that bad either. Sure, the price of your home may have correted, but so too has the dream home you aspire to own. Do the math; a 10% reduction on fthe cost of a more expensive home represents a greater savings to you than a 10% reduction in your own lower priced Vancouver home. In a booming real estate market the reverse is true. Today’s lower prices in the Greater Vancouver real estate market clearly presents an opportunity to purchase for many. Interest Rates Lowest in Years: With recent drops in lending rates from the Bank of Canada, a prospective homeowner now stands the chance of getting a home financed at some of the lowest mortgage rates in fifty years. For many, the difference between a mortgage payment on an average priced home six months ago and one made today can represent savings of hundreds of dollars a month or thousands a year, clearly an opportunity not to be missed in today’s Lower Mainland real estate market! Strong Political Leadership: Our country is now facing some challenging political times; however, thanks to Premier Gordon Campbell, and the efforts of our B.C. Liberal Government, British Columbia offers some of the most competitive personal and business tax rates in Canada, and is leading the country in job creation, economic strength, business confidence and fiscal responsibility. Consumer Confidence: Let’s be honest, with such great real estate Vancouver prices, low interest rates, plenty of choice and all the buying power a prospective homebuyer could ask for, the only thing keeping people from acting is fear. I suggest that if you are planning to stay in your home for five years or more, there has never been a better time to purchase a new Vancouver home. Think about it, smart homebuyers buy in a buyer’s market. Even this past fall, we saw many smart people taking advantage of today’s opportunities in the Lower Mainland real estate market as we closed over 300 sales int eh last three months of the year. Real estate markets change but two things remain constant: the desire to live in well designed homes, and Polygon’s commitment to building them well. After building more than 18,000 homes in Greater Vancouver real estate market, over the last 28 years, Polygon continues to be confident in the future of British Columbia. If you are thinking about upsizing, downsizing, or getting into your first home, I encourage you to take advantage of today’s Vancouver home buying opportunities. The advice I share with friends and family is to buy the best home you can afford in the best neighbourhood for your search area in the Lower Mainland. Visit a Polygon community in your area this weekend and we’ll help you find the new home that’s right for you. In the long run, you will realize the value to yourself and your family of owning a home int eh great Province of British Columbia. Neil, Present and Chief Executive Officer for Polygon.

Polygon Builders Report Steady Sales in South Surrey Real Estate Market

According to a Vancouver Sun special advertorial by Polygon, the home buyer’s response to amenities and value make Polygon’s Kaleden and Cathedral Grove at Morgan Heights in the new South Surrey a success this year. “There’s a reason that the quiet treed corridor along South Surrey’s 158th Street has become a such a popular place. It could be the allure of the stands of mature evergreens set against a backdrop of the North Shore Mountains. It could be it’s proximity to the lively new shopping district of Morgan Crossing just a short walk away. But most likely, it’s the combination of these factors and the quality, design and value of Polygon’s latest new home communities Kaleden and Cathedral Grove in Morgan Heights, South Surrey real estate market. AS the saying goes, few factors have the ability to secure a home sale quite like the age-old adage ‘location, location, location.” And Kaleden and Cathedral Grove by Polygon in Morgan Heights community stands as a testament to this, offering Vancouver homeowners a convenient doorstep to one of the liveliest new neighbourhoods the Lower Mainland reale state has to offer at Morgan Heights. Walking distance to a brand new and expansive selection of urban village style boutique shopping and dining, a short drive to the sandy beaches and shorelines trails of White Rock real estate or the lush greens of Morgan Creek Golf Course, Polygon’s two new communities at the South Surrey Kaleden homes and Cathedral Grove houses sit among the best this area has to offer. But if fun in the sun in the sunniest place in the Lower Mainland real estate market proves not to be enough then Steve Nash’s 38,000 square foot fitness centre (coming soon to Morgan Heights South Surrey) or the arena, pools, and other amenities of the local South Surrey Athletic Park are sure to fill your day for even the most active of families. And with easy access to the highway a weekend trip to Seattle or the outlet malls across the border are conveniently close. For young families with children, or newlyweds with plans for kids and ht eprospect of school on the not too distnad horizon, the options are equally promising at the Morgan Heights community of South Surrey real estate market. The top ranked Southpointe Academy is at the end of the street for those interested in private school; or, with the city’s approval of a new public elementary school slated for the land across the street, a quick trip home ofr lunch could be in the cards for the kids of Morgan Heights Kaleden and South Surrey Cathedral Grove home communities in the very near future. “A strong selling point for our homebuyers is certainly our central location,” says Cathedral Grove Sales Manager Laura. “But for many it is what they find on their arrival that sets us apart from the rest,” she says pointing down a winding path through stands of mature evergreens that tower over a central amenity clubhouse here at the Morgan Heights South Surrey Cathedral Grove and Kaleden home communities. “Our favourite part is the trees,” says Cathedral Grove homeowners. “During our first visit we noteiced the clubhouse. It was beautiful, sow e walked over to have a look. The pool was fabulous, the barbecue was on, and the ambience was great!”

The Evergreen Club at Morgan Heights and More Info

The Evergreen Club South Surrey, a breathtaking 7,500 square foot country club inspired clubhouse, features a beautiful outdoor pool and spa, state of the art media room, fireside lounge, and more, to which residents at both Polygon South Surrey Morgan Heights communities receive exclusive access. In addition, with two guest suites that homeowners can reserve for visiting house guests, and a resident manager who ensures everything runs smoothly, owning a home at Cathedral Grove Polygon homes or Kaleden South Surrey truly is a resort inspired experience. With many new homeonwers having already moved in, the community is quickly coming to life. Residents of both Polygon communities in the South Surrey community were recently treated to one of their first official neighbourhood events: a Wine Tasting party hosted in the inviting fireside lounge of the Evergreen Club by local wine merchant Liberty. The evening marked the first of many more events to come at the Evergreen Club of Morgan Heights as both communities continue to grow and welcome the new neighbours who will make their home at Kaleden or Cathedral Grove by Polygon Homes. On the home front, it doesn’t take long to fiture out the appeal of owning a Polygon home. Whether it’s a contemporary two or three bedroom floor plan at Kaleden Morgan Heights or a spacious four bedroom at Cathedral Grove South Surrey real estate, the quality, design and value Polygon delivers in every home is evident. Distinguished for its remarkable affordability while including designer finshings, such as integrated cabinet paneled appliances, granite countertops, and warm wood style flooring, it is not surprising Kaleden Morgan Heights South Surrey homes has been reconized as the fastest selling townhome community in all of the South Surrey real estate market. For htose families looking for some additional space and finer details, Cathedral Grove at Morgan Heights offers home up to over 2100 square feet, gourmet kitchens well equipped with Bosch appliances and granite countertops, and the conveniences of two car garages. In today’s South Surrey real estate market, likely the most important and final consideration for prospective hombuyers is the price. “Kaleden Homes is our first home purchase a is by far the best value we could find,” homeowners at Kalden by Polygon Homes. At just $314,900 for a new home at Kaleden South Surrey and only $419,900 for a four bedroom home at Cathedral Grove in Morgan Heights neighbourhood, these two new communities offer some of the best value in the entire Lower Mainland property market. “We are delighted with the steady sales at both communities having sold 105 homes here in the last seven months. WE are now down to eight homes in our first phase at Cathedral Grove… and having quickly sold out of our first phase at Kaleden, we will be releasing more homes this weekend.” Offering a vibrant lifestyle in a convenient, yet exclusive, setting, Kaleden and Cathedral Grove homes in Morgan Heights South Surrey shine as two of the best in the hot new neighbourhood. The Polygon family of companies, British Columbia owned and operated since 1980, has built more than 18,000 homes throughout the Lower Mainland, and earned the trust of thousands of families. Polygon’s award winning Customer Service team provides after sales service, and all homes are protected by comprehensive 2/5/10 warranties by the Traveler’s Gaurantee Insurance Company. The Morgan Heights Kaleden and Cathedral Grove South Surrey sales centre and display homes, as well as the impressive Evergreen Club, are open daily from noon to 5pm except Friday, and are located at 27th Avenue and 158th Street in South Surrey. For more information about Kaleden, please call 604.541.4246 or Cathedral Grove, please call 604.541.7383 or visit

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Wednesday, February 18, 2009

Doom and Gloom or Smooth Sailing? What is the 2009 Vancouver Real Estate Forecast and Housing Outlook in the Lower Mainland now and beyond 2010?

2009 Vancouver Housing Forecast and Lower Mainland Property Outlook for 2010 Olympic Year

There is much talk about the Vancouver real estate forecast for 2009 and further ahead into the Winter Olymipic 2010 Vancouver property market forecast, but really, there is no one in this world who can predict what will happen to the Lower Mainland housing market. There are predictions and outlooks, forecasts and opinions, but these are not based on facts or reality, just yet. This is an article that talks about the future of the Vancouver real estate market in terms of forecasting the 2009 Vancouver housing market as well as the property outlook further into 2010 before and beyond the Winter Olympics. Based on fundamental issues such as the Vancouver economy, in and out migration, housing affordability, GDP growth and other factors such as aging population and transient work force, there are many things to be happy about in terms of the Vancouver housing forecast for 2009 and beyond, but there are also many traps and assumptions being made that should not be by the typical Lower Mainland home buyer and investor. A wide range of chief economists, bank leaders and Greater Vancouver real estate experts have taken claim to what they think is the true outlook for the Vancouver property outlook 2009 as well as the Vancouve real estate forecast for 2010. Published, blogged and submitted to newspapers and magazines, these experts’ opinions vary widely in their perception of what is going on with the current housing market and the 2009 Vancouver housing real estate forecast that is already upon us. Let’s take a look.

The Vancouver Real Estate Forecast for 2009

The Greater Vancouver property market has faced an unprecended growth period during the past decade, lead by huge property gains in West Vancouver, the west side of Vancouver, downtown as well as many suburbs like Richmond, Burnaby, New West, Surrey and Abbotsford posting some of the largest gains in Canada real estate market. However, during the past 10 years, many homebuyers and investors have failed to notice why the property values and housing market was keeping afloat and exponentially increasing in value seamlingly every month. With a growth economy based on commodities, construction (of course), employment was at its peak and unemployment was at all time lows in Greater Vancouver. However, everything changed as soon as the global economic crisis took hold of world economies, trade and credit financing. Vancouver real estate did not escape the US housing market liquidation. Perhaps, we have fared better than our countertops down south through 2008 and into 2009, but most Vancouver municipalities have faced large drops in real estate housing values in 2009 already. The effect of long term exponential growth in Greater Vancouver property values has taken its negative effect on the property forecast 2009 for Vancouver. Affordability is now the major issue facing first time homebuyers (who service the engine that creates a balance Vancouver real estate market) and with property affordability in Vancouver at it’s all time lowest (one of the most expensive cities to live in the world), this segment of the population has been kep out for about a year now. With the economy in ruins and jobs disappearing, Vancouver is in a tight position when it comes to people wanting to buy a home right now. In addition, with credit tightening throughout all the major banks, it has become very difficult for first time home buyers to get a good mortgage product for any home that they choose. Therefore, the 2009 forecast for Vancouver real estate and the Vancouver housing outlook 2009 is for a more stable market than the last quarter of 2008, but don’t expect any huge returns or gain in value. Stabilization of the Greater Vancouver property market may come later in the fourth quarter of 2009, and forecasts on the Vancouver housing market 2009 suggest that gains in value won’t even begin until mid-2010. As far as the 2009 Vancouver real estate outlook is concerned, you can probably expect a slight drop in future sales prices and a huge drop in sales volume through the first six months of 2009. The forecast for Vancouver home market 2009 later in the year is for a steadying of the sales volume and maybe even a slight gain property values, but nothing is set in stone. As long credit is tight and the global economy is in trouble, the Vancouver real estate forecast 2009 seems grim for those looking to sell. For those homebuyers looking to purchase a home or for first time home buyers, 2009 may be the best opportunity for you to get into the market. With a 2009 Vancouver housing forecast for a slight drop in property values coupled with low interest rates for both variable and fixed mortgage financing, the outlook for Vancouver real estate market for buyers is bright. There have been several surveys that have shown that homebuyers in Vancouver are changing their perspective on buying a new home this year compared to the last six months of last year. If this is the case, the 2009 Vancouver housing real estate outlook should be good heading into 2010.

Winter Olympics and Its Affect on the 2010 Vancouver Property Outlook

With recent surveys and analysis, many experts believe that the US housing market will come out of its downward spiral and foreclosure problems by the end of 2009. These same articles and experts expect the Greater Vancouver housing outlook and sales to balance out after that, so some time in very late 2009 or early 2010. With the winter Olympics showcasing Vancouver, there is a lot to be said about creating a renewed interest in the city, not seen since Expo ’86. The 2010 Vancouver housing forecast and Vancouver real estate outlook is calling for smooth sailing once 2010 Olympics hit and there are many reasons why. The Winter Olympics will employ many people before, during and after the Games, creating a legacy like no other large event can provide. The city will be showcased to most of the world’s population, profiling Vancouver as one of the most beautiful cities in the world. In addition, mortgage rates are expected to stay very low through 2010, so that Vancouver home buyers looking to purchase in a year’s time, will still be able to get great financing products. The Lower Mainland property market has seen it’s share of negative news including the cancelled Coquitlam Riverbend project, and the Homer & Helmcken plus Garden City Richmond condo receivership problems. Now comes the Millennium 2010 Olympic Village fiasco with over-runs, debt mounting and problems with completing the affordable housing component. With all of this, it doesn’t seem like the 2010 Vancouver real estate outlook should be very good, but it is. And then, you can also add the delay of the West Vancouver Evelyn project, the cancellation of the Hills Vancouver condos, the delay of the Ritz-Carleton condo hotel residences and the cancellation of Jameson House and the forecast for 2010 Vancouver housing market should look bleak. However, it is safe to say that condo and housing inventory has been kept in check through all of these delays and cancellations. With an ever increasing population moving into the Lower Mainland, the outlook for 2010 Vancouver housing market is for a shortgage of units by years’ end and into 2011, even with the estimated completion of these delayed projects. With many developers holding back and not building for another year, this will cause some problems in terms of new inventory that comes onto the market for homebuyers. With this limited supply of homes, the 2010 Vancouver real estate forecast is calling for an increase in value, sales figures and sales volumes through the year and into 2011. By 2012, it is expected that Greater Vancouver will again face a shortgage of homes and affordable housing such as condos and the construction process will start yet again. Therefore, the Winter Olympics will provide a vehicle for the Vancouver property forecast in 2010 to be positive … and with sales volumes and prices increasing, the 2010 Vancouver housing outlook is very positive to say the least.

So What Do the 2010 and 2009 Vancouver Real Estate Outlook Mean to You?

If you currently own your own home or you have invested in condos/townhomes that you are now renting or have yet to close, HOLD ON to your property. The biggest mistake homebuyers and investors make is to listen to the top headline news about the world falling down. This is not a time to panic. Rather, you should think through and calculate your monthly cashflow to see if you can afford your place still as well as whether or not to keep your rental properties. If you are tight on cash, sure, sell. However, if you aren’t, holding onto your Vancouver property and real estate through 2009 and 2010 is a great way to ensure that you will not incur losses or have to pay capital gains tax if you have made money. The 2009 Vancouver housing forecast is good and the Vancouver real estate outlook for 2010 is even better. By keeping your rental homes for another 12 months, you may end up facing an upswing in property values again during the Olympics when Vancouver is on the world stage. If you are a first time home buyer, 2009 may be the BEST year to purchase your new home. With a drop in Vancouver property 2009 in addition to great mortgage rates and financing packages, you can skip ahead of the rest of us who purchase during the past five years and locked in at higher rates. If you can afford it comfortably, 2009 is the best year to purchase Vancouver property. The forecast for 2010 Vancouver housing market is calling for an increase in value as well as both fixed and variable mortgage rates, so why wait? As an investor, the 2009 Vancouver housing outlook is bright for you as well. Again, as a real estate investor, cashflow is king. If you can operate your business with positive cashflow (meaning your rental income is higher than all expenses), you should put in your due diligence and start purchasing property again. These are great times for you. 2009 Vancouver real estate outlook is calling for more liquidation events such as the MACBULK Onni condo sales in addition to many other real estate developers providing incentives to purchase their available inventory. The forecast for the 2009 Vancouver real estate outlook is calling for more developers taking on the GST, anywhere from 10 to 35% off the original pre-construction pricing, no strata fees or property fees paid for for the first year or even getting a new car with the purchase of a new home. These incentives will not last through the 2009 Vancouver property market and by 2010, the forecast for Vancouver housing outlook will again re-start bidding wars for good property. These gloom and doom times are actually not so bad when you look at all the factors involved with how you can take advantage of these special times.

Other News Items:

Major Banks in Canada Slash their Prime Rates and See Recovery Sooner Rather Than Later

According to the Real Estate Weekly for Vancouver, the Bank of Canada slashed their prime lending key interest rate to its lowest level in the history of the country this month and all of the major banks, surprisingly, followed suite with a drop in their bank prime rates too. The central bank of Canada cut the trend setting over night rate by 0.5% to the lowest 1% level in history, lower than the 1958 rate of 1.12%. In mortgage moves, the Royal Bank of Canada slashed its one two and three year rates by 1.1%. It’s five year posted rate drops to 5.79% and there is a five year closed rate special at only 4.49%. Many economists see the Central Bank of Canada lowering its rate again by as much as 0.5% as early as the next BoC announcement on March 3, 2009. Overall the BoC predicts that inflation will average at a very lot 1.1 per cent this year and won’t return to the target inflation rate of 2% until 2011. There is speculation that the recovery in Canada will come sooner rather than later with a full recovery come mid-2011. That is yet to be seen. Alarmist view dismissed recentlay and published in the Real Estate Weekly. A major Canadian bank believes fears of a future downturn in housing markets is more myth than reality. According to another article, homes throughout Vancouver and in all of Canada have become more affordable to typical homebuyers and this coupled with low interest rates and loans create opportunity for people looking for new homes. There is a better chance of buying an affordable new Vancouver home now than at any tie in the past decade says REBGV. With home sales and consumer confidence already bouncing back in certain cities and neighbourhoods, people and homebuyers have seen a long-term strength in investing in property and owning a home. With low interest rates and consumer confidence already hitting all-time lows and recovering, there are numerous opportunities for homebuyers to get back into the market. Overall Vancouver residential benchmark prices, as calculated by the Vancouver Board’s Housing Price Indix, decline 10.9% to $489,007 between January 2008 and 2009. The benchmark price for a Vancouver single family detached home declined 11.2% to $659,638 in Janaury 2009 compared to $742,490 January 2008. The same trends are seen in the Vancouver condominium/apartment market in addition to to a lesser extent, attached units like townhomes and duplexes. REBGV also reports that sales of detached Vancouver homes and apartment properties declined as much as 58.1% when comparing January 2008 to 2009. New listings in the Greater Vancouver real estate market have also declined. The Bank of Canada has slashed its key interest rate to the lowest level in history to 1 per cent. The decrease was in line with the expectations of most Canadian economists, who have been calling for bold action on the parts of the Bank of Canada and the federal government. Shortly after the BoC rates fell, the big banks led by BMO and TD dropped their lending prime rates by the same amount.

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