Vancouver Real Estate Forecast 2010 - Prediction about Greater Vancouver House Prices, Home Pricing w/ 12% HST, Interest Rates, Olympics, Fundamentals

Vancouver Real Estate Forecast 2010 – A Prediction About House Prices, Home Values and Housing Sales Volume

Being an enthusiast about this subject for over a decade, there are some thoughts about a 2010 Vancouver real estate forecast. With sales volume and prices increasing through 2009, many homebuyers are wondering if average selling prices and property values will continue to increase in the latter stages of 2009 into and through 2010. Here is a prediction about the 2010 Vancouver real estate resale market as well as presale condo developments in the area.

7 Major Factors Will Affect 2010 Vancouver Housing Prices

There are many factors that affect Vancouver housing prices, but in late 2009 and into 2010, there are several very unique circumstances that will influence sales volume of all housing types in addition to property values and sales prices throughout the region. It is often hard to predict 2010 Vancouver housing prices simply because a lot can change. Some important factors the affect 2010 Vancouver housing prices now may end up not influencing the resale or presale markets, while other new factors may creep up to affect homebuyers. Here are the seven factors that will likely affect the 2010 Vancouver Housing Prices in no particular order:

1. mortgage rates (financing)
2. BC Harmonized Sales Tax (12% HST on new property)
3. supply and demand in 2010 Vancouver presale real estate market
4. supply and demand in 2010 Vancouver resale real estate market
5. consumer confidence and emotions
6. Vancouver population growth and projections
7. Vancouver economic fundamentals in 2010 and beyond

A Quick Summary of Our 2010 Vancouver Real Estate Forecast Based on These Factors

A 2010 Vancouver real estate forecast based on the above factors will determine where the property market will likely head in the future. As part of our prediction for the 2010 Vancouver real estate forecast, we have put together a quick summary explaining each of the 7 factors and if they will positively of negatively influence the Vancouver real estate forecast 2010. Firstly, mortgage rates have been at all time lows for over a year. The Bank of Canada lending rate has been at 0.25% and they have promised to keep it there until at least the third quarter of 2010 barring upward pressure from inflation. Therefore, after June 2010, it is likely that the BoC lending rate will increase, thereafter the banks will also increase their prime rates, increasing the mortgage variable rates across the board. The fixed rates, which are based on the US bond market, will also likely see a spike too. As inflation starts to creep in, more investors will head towards buying US bonds, and therefore, demand will increase, increasing the borrowing fixed mortgage rates in Canada. With both fixed and variable rates in Vancouver increasing in the future, this will have a negative impact on the 2010 Vancouver real estate forecast, as cashflow and affordability will again become a bigger issue. A big effect on the 2010 Vancouver new real estate market including presales condos and pre-construction homes will be the BC Harmonized Sales Tax. A new 12% BC HST will be applied to any new construction property, which will have a huge influence on the presale 2010 Vancouver real estate forecast. With less demand for presales and pre-constuction Vancouver real estate, developers and builders of new property will feel the hit come 2010 and into 2011, as less Vancouver homebuyers and condo purchasers will pay the extra 12% hit on a new home. Demand for presale Vancouver real estate in 2010 will go down, putting upwards pressure on resales property. What this means is that many homebuyers will opt for resale listings. With more demand, the resale 2010 Vancouver real estate forecast is brighter, and will likely see a bigger price increase as demand grows for these non HST taxable homes. As the global economic crisis is becoming better managed and the end is in sight, consumer confidence in the 2010 Vancouver real estate forecast and predictions is gaining. As many Vancouver homebuyers purchase homes based on emotion, this boost in confidence will also boost the local Vancouver real estate forecast in 2010. As fall and winter 2008 was a brutal year for not only Vancouver real estate sales volume but also housing prices, 2009 will see a huge increase in both areas. As numbers are published in late 2009 and early 2010, we will likely see the above 100% increase sales volume and increase of 1 – 3% per month in Vancouver housing prices until next summer. This will have a positive impact on consumer confidence in the 2010 Vancouver real estate forecast and predictions. In addition, the Greater Vancouver population continues to grow at one of the fastest rates in Canada. This will continue and put pressure on the Vancouver property market as inventory has stalled during the past 2 years due to the global economic crisis. With many new condo projects delayed or cancelled, this has pushed back a lot of housing inventory, thereby reducing the Vancouver real estate inventory during this hot market time. Lastly, the Vancouver economic fundamentals remain strong. With new transportation routes completed, better accessibility and an influx in business and retail, the Vancouver real estate forecast 2010 is likely headed upwards. Notice that we didn’t even mention the 2010 Olympics, which we believe is a non-factor in the 2010 Vancouver real estate forecast.

Conclusion about 2010 Vancouver Home Prices

So a quick conclusion on where the Vancouver home prices are headed in late 2009 into 2010: sales volumes and home prices will see huge jumps compared to last year as 2008 was a bad year. Mortgage rates are likely headed upwards and even spiking by mid-2010. The addition of the 12% BC HST on new homes will adversely affect the presales and new Vancouver home market, causing presales 2010 Vancouver home prices to dip as demand drops. With less homebuyers in the market to purchase new homes, the resales 2010 Vancouver home prices will likely go up a lot, as more homebuyers look for completed homes. The worst of the economic crisis in Canada is over, and with job creation looming and stricter lending practises from the bank, consumer confidence in the Vancouver real estate market place will go up. Based on emotions felt from the headline news proclaiming a global recovery and above 100% gaines in sales volumes and staggering increase in housing prices, the 2010 Vancouver home prices will likely be buffered by homebuyers purchasing based on emotion. With the economic fundamentals stronger than ever and with population growth and migration into the city increasing, 2010 Vancouver home prices will go up as demand will grow. With new housing inventory stalled and increased demand, the re-balancing of the Vancouver real estate market (especially resales homes) will likely tip in the favour of homeowners by mid to late 2010.

The Other Intagibles Affecting The Vancouver House Prices 2010

There are a few other intangible factors that may or may not affect the 2010 Vancouver House Prices beginning with the 2010 Vancouver Whistler Winter Olympics. The hot market in 2009 started back in April and has continued through into October, but none of the price increases or staggering jump in sales volume had to do with the 2010 Olympics. On the contrary, the fundamentals behind the 2009 Vancouve house prices include 2 factors: record low mortgage rates and affordability which go hand in hand. These 2 factors will likely drive the 2010 Vancouver house prices upwards in the first half of the year. Therefore, the 2010 Olympics are a mute point. Most of the amateur investors who had flipped property or renovated homes and flipped them afterwards no longer are in the Vancouver real estate market. The Vancouver house prices 2010 will be much more stable the the boom years between 2005 – 2007. A second intangible factors that will affect 2010 Vancouver house prices are transportation nodes. With the completion of the Canada Line SkyTrain from Richmond to YVR to downtown Vancouver, this creates many new neighbourhoods in which we will see huge growth and demand in real estate. These areas will likely see the best increases in 2010 Vancouver house prices and demand will increase with limited new supply coming onto the market.

The Future of Vancouver Real Estate In a Nutshell

So our prediction for the next year is that the Vancouver real estate forecast for 2010 continues to be bright buoyed by low interest rates and the outlook of the dreaded HST on new homes. So the combination of the two factors will likely increase Vancouver property prices in 2010 (even if the interest rates remain low, as there are always forecastings saying a mortgage rate spike is in order in 2010 through 2010) and the HST which have negatively impact the new presale Vancouver housing market. Therefore, the presale Vancouver home prices will stabilize and possibly decrease as a result of the 12% HST added on to the purchase price, which will make resale Vancouver real estate more attractive, and therefore bumping and increasing the price of the resale Vancouver home prices 2010. With that in mind, overall, the Vancouver 2010 real estate forecast is good, as property values, home prices and housing prices should increase. Housing inventory for 2010 will remain steady as many projects will again start, but will not be completed until 2011 or beyond. The 2010 Vancouver real estate forecast will see Vancouver home prices increase through the first half of 2010, and then become more steady from the presale housing market value standpoint through the latter half of 2010. For the resale Vancouver home prices in 2010, they will increase throughout the year due to pent up demand as well as the forecast of increased interest rates.

April 2009 Vancouver Real Estate Market: BC Home Inspectors, Stable Property Market, FINTRAC, Little Mountain Housing, Vancouver Leaky Condos

B.C. Home Inspectors Must Be Certified

Beginning March 31, 2009, all home inspects in the province of British Columbia must be licensed to inspect homes. The BC government passed this law and is expected to provide greater security to Vancouver home buyers. The B.C. home inspectors will be licensed under the BC Business Practices and Consumer Protection Authority. BC Home Inspectors are often called in during a home sale, and the Real Estate Boards across Greater Vancouver Regional District have applauded the licensing requirement. A BC home inspector seeking a license must first pass muster with the B.C. Branch of the Canadian Association of Home and Property Inspectors, the Applied Sciences Technologists and Technicians of B.C. or the National Certification Program for Home and Property Inspects. A BC home inspector that practices in contravention of the regulations faces discipline, including penalties of up to $5,000 per infraction.

The Greater Vancouver Housing Market is Returning to Stable Sales

According to the Real Estate Weekly magazine, the entire Metro Vancouver and Fraser Valley real estate markets are returning to a more stable marketplace with listings and sales happening much quicker when compared to the previous six months. According to the Real Estate Board of Greater Vancouver, the hosuing market in Vancouver real estate property market has calmed to a more stable market with sales rising more than 50 per cent in March 2009 compared to a month earlier in February 2009 (that also saw a huge increase compared to the first month of the year). The Real Estate Board of Greater Vancouver reported that 2,2665 residential home sales were recorded in Greater Vancouver real estate district in March 2009, a fifty three pre cent increase over February, but a 24.4 per cent decrease over March 2008 when things were still booming at the time. This represents the second straight month of increased sales in the Greater Vancouver real estate market and much higher levels are also expected for April 2009 numbers when they come in in May. Obviously, there is more consumer homebuyer confidence in the Vancouver real estate market that is returning after six months of declining sales volume and property values. The Vancouver property sales activity is rising to more typical levels given the season, and the number of Vancouver homes being listed for sale are also leveling off, which is a great sign of a more balanced property market. The number of new residential listings on MLS actually declined by 22.7 per cent in March 2009 and for the 5th month in a row, the number of new Vancouver home listings has actually decreased. There has been more active transactions from first time Vancouver home buyers who are definitely attracted to the lowest mortgage rates in history, in addition to a great selection of listings being offered and obviously, greater affordability. The Real Estate Vancouver Board’s Housing Price Index for detached Vancouver homes also fell 15.1 per cent, which is also a good sign for the market.

Real Estate Developers Must Also Report to FINTRAC

Real estate developers, like real estate agents, will have to comply with new federal regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act according to the Real Estate Weekly article. Real estate developers in Canada have until February 20, 2009 to meet the filing deadline. Development companies that fail to report transactions properly under Financial Transaction and Reports Analysis Centre of Canada (FINTRAC) guidelines could face fines up to $500,000. Executives could be fined up to $100,000 per person. Realtors began complying with the tighter reporting rules this past June, and all new regulations accompanying the act will kick in by September 2009. Realtors have until January 2009 to comply or face penalties. Every real estate developer in Canada who has sold atl east five homes, one commercial or industrial building, or a condo or apartment complex will be subject to the act’s client-indentification, record-keeping and reporting requirements when they sell a property. The new rules are designed to bring Canada’s anti-money laundering rules up to international standards. The new rules are designed to improve enforcement of the law but they will also place a greater regulatory burden on real estate developers and reporting agencies, including banks and loan companies. Real estate developers in Canada will have to document proof of identity of people and companies involved in every transaction and keep that information on file for five years in case FINTRAC, a federal agency that polices financial transactions, should want to review it. Any real estate developer who receives $10,000 or more in cash for a single deal must keep a large-cash transaction record and report that details to FINTRAC, unless the money is obtained from a financial institution or public body. Real estate developers in Canada must also report suspicious transactions to FINTRAC.

Little Mountain Housing – Slogan Cover-Up?

According to 24 Hours Vancouver newspaper, B.C. Housing is covering up its dirty little secret with $2 rollers and cheap brown paint, according to advocates for Little Mountain Housing. Supporters who painted murals on plywood that cover the windows at the largely abandoned social housing project last week at Little Mountain Housing Vancouver were shocked to learn slogans such as “Home is wehre theheart is” had been painted over by a graffiti clean-up crew in the past few days. “BC Housing is afraid of the words,” said advocate Kia. “There was another paitning that said, ‘Love still lives here,’ and it was blotted out – very offensive.” BC Housing regional director Dale McMann said his agency allowed the event to take place at Little Mountain Housing without explicit consent but covered up some images felt to be inappropriate for a family neighbourhood. “There was a slogan around Helther Shelter – sort of vague reference to the old Charles Manson Helter Skelter days,” McMann said. “We wanted to ensure those types of paintings were removed.” Community Advocates for Vancouver Little Mountain social housing project have called on the province to restore 224 social housing units rather than pursue commercial development scheduled since early 2007. NDP MLA David Chudnovsky said the paint job is another example of the government sticking its head in sand rather than addressing the province’s most crucial issues. “What do we need in Vancouver?” he posed. “Another 2,000 million dollar condos? Or affordable housing for middle class and working people who need it?” From Dharm M.

Vancouver Leaky Condo Syndrome

A great article by HouseLeague for MetroNews Vancouver by Ryan D. As winter approaches, it seems home buyers are beginning to dredge up that fear of leaky condos that plagued hundreds of Vancouver condo buildings erected in the 90s. Leaky condo syndrome is a catastrophic failure of the building envelope leading to water ingress that potentially leads to rot and mould. This was caused by many factors including a shift in the Vancouver condo building codes allowing for the use of inadequate materials and poor design. Use a realtor as they have an intimate knowledge of the area you are searching in and will likely be able to steer you away from buildings with known leaky condo Vancouver problems. Second, when writing an offer on a Vancouver condo, request a Form B from the property management company. It mentions if there are any upcoming assessments being levied against the homeowners. Third, read through the last two years of strata minutes. Issues that have arisen in that time, including leakage, will be mentioned there. Fourth, check if the builder was built with “rainscreen” technology or if it has been repaired to have it. “Rainscreening” is a small gap between the exterior and interior walls of the structure that allows any water that penetrates from the outside to seep down and escape.

Tips and Tricks in Selling Your Home Faster in the Vancouver Re-Sale Real Estate Market - Curb Appeal and Summer Decks

Property Curb Appeal Magic

By S. Boyce for Homebase. The three principles of Earth Inc. each serve up a trio of their top tips for enhance curb appeal. James Dale- A separate pedestrian entrance to your front door lessens the impact of a large driveway – after all, people are more important than cars. Proper lighting enhances curb appeal by creating a sense of welcome and increasing viewing hours well into the evening. Lighting also provides incredible curb appeal during winter interest that’s often overlooked. Sometimes a planting scheme for curb appeal may be completely offensive to a viewer on the opposite side of a fence or property line. A quick discussion of your intentions not only makes better nieghbours but the end result may end up complementing both your homes better in terms of property curb appeal. Kennedy Mcrae – Plant both sides of your driveway with similar plants and it will frame your house like a picture to add property curb appeal for your home. If you have a stone house, vines will instantly give it warmth and comfort. Just remember not to let the vine touch the windows. Architectural structures like benches or screens can create a beautiful courtyard and draw out the arechitecture of your house for added real estate curb appeal. Joel Loblaw – Spaces that can’t be seen from the curb but make people wonder what’s there give a garden interest, intrigue and a sense of wonder. Sculpture, urns, or water features add zing to any front yard to add curb appeal for your property – especially when you are willing to take a few risks by thinking differently. Remember plants grow. An evergreen tree is a perfect example of something that looks great initially, but can ultimately overwhel a residence decreasing the curb appeal of your home through time.

The Home Sale Starts Outside – Curb Appeal Importance

Curb appeal can be the defining factor in selling your home according to HouseLeague Ryan D. for the Metro Newspaper. Staging, renovating, and updating a home’s interior seems to be second nature for many when it comes time to list that property, but what most people tend to forget is that the first and last impression in property makes is from the outside curb appeal. Whether you live in a house, or a condo, there are some simple rules to keep in mind when getting your property ready for sale. One of the most important is going to be ensuring that the outside brick or paint work is fresh, updated and neutral. Lime greens and dusty roses do not do much to convince the average home buyer, so seek out the potential gem inside. In fact, you may find that purchasers will not even make it to the front door if you have bad curb appeal: Throwing on a coat of paint and repairing any damaged brick or siding is the first place you should start when prepping your home for the real estate market. Plants are another easy way to spruce up that dreary property and turn it into the palace you want to portray through curb appeal. Even if you do not have the greenest of thumbs, a dead garden, or one overgrown with weeds and plants can make the most diligent homeowners appear lazy. If you are useless in the garden, plant local species of shrubs and flower for better curb appeal. Just remember even the simplest of gardens need to be pruned every now and then. Finally, whether you live in a house or a condo, bed sheets and tacky drapery panels will never do as window coverings. Pay attention to the fact that these can be seen from the outside, as well as the inside of the property. Make sure that if you are putting up drapes that match an unusual colour plalate inside, you have a neutral backing facing out. You do not want your home to look like a carnival fun house.

Take It To The Deck For Summer Entertaining

Fro 24Hrs. Building a sturdy deck is one way home owners in Greater Vancouver are creating a home they can enjoy more now, while looking smartly ahead in case they want to sell later. According to Remodeling magazine’s 2007 Cost vs. Value report, adding a deck built with composite decking, a deciking material made of combined wood and plastic, can be expected to yield an approximate 77 per cent cost recovery on average at resale. Composite decks rank higher than the national average of cost recovered for a major kitchen remodel, which are two types of projects homeowners often undertake in Greater Vancouver real estate to make their homes more appealing during resale. One consideration for homeowners in Vancouver property market for homeowners planning to add a deck is to look at other decks in their area to determine the approximate size and scope of their deck project for their neighbourhood. Vancouver home owners should also consider a decking material that will last in the long term. Not only will homeowners in Greater Vancouver real estate enjoy a durable, inviting deck while they livei n the home, but the type of material they use can help determine how well it will retain its value over time. Many Vancouver homeowners are turning to wood-plastic composite decking for durable decking material that doesn’t require staining or painting. Composite decking is also resistant to moisture and decay. And, the composite decking material will not splinter or crack. For Greater Vancouver home owners searching for environmentally responsible materials, some wood-plastic composite decking is made from recycled materials, potentially keeping unused waste out of landfills. From ARA Content.

North Shore Property Update: West Vancouver Secondary Suites Issue, West Van Limits Size on Monster Homes, Problems with North Van Coach Houses

City of North Vancouver Cancels Coach House Installation

In the latest twist to the ever slowdown of results and progress for affordable housing in North Vancouver, city councillors narrowly voted down a proposal on Monday that would have installed a prototype coach house for display on unused city land according to North Shore News, Benjamin. Home show demo home offered at cost, but North Vancouver councillors balks at the $150,000 required to complete a demo Coach House in North Van real estate to showcase the benefits of affordable housing initiatives that could alleviate the shortage of affordable rental units on the North Shore. The motion called on the City of North Vancouver to spend up to $150k out of a reserve fund for the purchase of roughly six hundred square foot home. The intent was to display the North Vancouver coach house to the public at 204 East First Street for an unspecified period before selling and moving it ot the buyer’s lot. The proceeds of the sale of the coach home in North Vancouver would have been returned to the reserve fund when all said and done. Keating emphasized the energy efficient features of the Smallworks coach house prototype. However, Coun. Bookham opposed the motion because she thought it was highly inappropriate for the city of North Vancouver to promote the services and products of a third party builder. She also couldn’t fathom how the city could justify spending up to $150,000 on a coah house model at this time. Bookham and the City of North Vancouver could produce a list of xisting privately owned North Vancouver coah houses in the city for interested buyers to inspect. Mussatto told city council that the had visited a homeless shelter over the weekend that had turned away 70 people. “There are still camps out there, people looking for shelter. There are people one paycheque away from losing their home, losing their mortgage. And they’ll be looking for somewhere to go. This is one option we could consider,” as he talked about the City of North Vancouver plans to go ahead with coach houses rental suites. But council was not swayed by the mayor’s appeal, and defeated the motion marginally by four to three. Mussatto immediately tabled another motion directing staff to request competing proposals for a similar North Vancouver coach house project in hopes this will addres some of the Councillors objections. This was also voted down, so there is not much anything is being done about the affordable housing problems in North Vancouver. The interior of the Laneway Loft House built by Smallworks Studios/Laneway Housing coach house is at the B.C. Home and Garden Show until Sunday.

West Vancouver Secondary Suites Recommended

Report calls for more housing options in the form of West Vancouver secondary housing suites for the city. This according to Daniel Pi for the North Shore Outlook newspaper. A report presented to West Vancouver Council Monday night recommends allowing secondary suites in the West Vancouver community to raise housing stock in the expensive North Shore community. On Monday, West Vancouver councilors sent the report, penned by the Community Dialogue on Neighbourhood Character and Housing Working Group, to district staff for further research. According to Stephen Mikicich, senior community planner for the district, staff will be reporting back to council in the fall with ideas to implement the 20 recommendations listed in the report, including the West Vancouver secondary suites housing issue. Besides allowing secondary suites in West Van, the recommendations include: considering “infill” housing, exploring new West Vancouver housing types with pilot programs, utilizing surplus district owned lands “to address identified housing gaps in the community, protecting and defining neighbourhood character, and finding ways to reduce residents’ reliance on cars. The report also recommends amending the West Vancouver Official Community Plan’s Housing Policies “to enable consideration of new housing types to meet the current and future needs of West Vancouver residents.” The working group developed its recommendations through public input that included community forums, workshops, and presentation, and an online form. The group also sent out a questionnaire and two newsletters to residents.

West Vancouver Home Sales Drop by Half

According to the North Shore News: Metro figures similar but economist says U.S.=style collapse in the West Vancouver real esate market housing prices unlikely. Written by James W. West Vancouver home sales are down more than 50 per cent from last summer, according to figures released by the Greater Vancouver Real Estate Board, and it’s possible there is more to come. Just 101 detached homes were sold in the West Vancouver / Howe Sound area between June and August this year, according to the September 3rd release. That’s down from 230 West Vancouver homes sold during the same period in 2007, a drop of 56 per cent. Other West Vancouver real estate resident types have seen similar declines. With just 13 per cent sales, attached homes in West Vancouver real estate property are down close to 19 per cent; and with 29 sales, condos are down almost 53 per cent. The slide is part of a wider trend across the Greater Vancouver region, according to the board. Lower Mainland homes ales of all kinds dropped 53.7 per cnet last month compared to August last year. North Vancouver is among the communities caught in the fall, although declines there have not been quite as pronounced as its neighbour’s in West Vancouver real estate market update. Summer sales of North Vancouver detached homes are off by more than 33 per cent, and other home types by more than 46 per cent. In a nutshell, says one expert, the good times are coming to a close. “It’s the end of the boom,” says Tsur Somerville, director of the Centre for Urban Economics and Real Estate at UBC”s Sauder School of Business. He identified three factors behind the change in West Vancouver and North Vancouver real estate property markets in summer of 2008. The first is a simple truth inherent to all housing booms: they just can’t last forever. Eventually it gets to a point that people can’t pay any more. “You can’t continually have growing number of sales and rising prices unless the economy is growing faster and faster and population is growing more and more,” said Somerville. “since we don’t have those conditions, we have a boom and it tires itself out.” This is what is happening in the new West Vancouver real estate market housing values are dropping. This works in conjunction with a second, psychological component: Canadians are looking at what happened to the housing market in the United States and wondering if the same might happen here. But when asked what thi means for the future, Somerville’s answer was very simple, “I don’t know.” The real estate market in West Vancouver is a difficult thing to rpedict, he said, and any forecasting on his part would likely come back to bit hime. “That’s an invitation for me to be wrong and have everybody remember it,” said Somerville. That said, he made certain observations that might shed some light on the future. For one thing, a crash on the scale of the American housing crisis seems unlikely. That’s because the conditions were different in Canada and West Vancouver real estate market when our neighbour was building its bubble.

The extremely cheap credit that has been available south of the border in recent years encourage speculation in the real estate market. Many Americans, emboldened by super lower interest rates, have been borrowing more money than they can afford, and investing it in houses they hope will make them a quick buck. That in turn inflated housing prices in the U.S. beyond a sustainable level. Canada has not seen credit quite as cheap, however, so speculation here in West Vancouver and North Vancouver real estate markets has been more limited, said Somerville. That doesn’t mean it has been non-existent, however. “We do have potential for bad things to happen in the condo market because we have so many real estate investors there,” he said. “There is definitely is speculation in that market.” And if condos tank as a result, they could drag down other types of West Vancouver property with them, added Somerville. “People wouldn’t be moving up (from condominiums to houses) and people who are… comparing the two might say, ‘Hey, I’m not going to buy a house for this much when I can get a condo for that.” However, guarding against an all-out collapse is the fact that BC’s economy does not appear to be as bad as has been suggested. “I’m not saying it’s all good news. But you look around the Lower Mainland, and where’s the 15 per cent unemployment and the shutting mills and the real problems?” said Sommerville. “A lot of industries are not doing great, but they aren’t abysmal.” Rather than plummeting, housing prices in West Vancouver real estate market may just rise at a slower rate,” he said. And at the end of the day, the Lower Mainland – which ahs been limited supply of homes, is still drawing new people who need a place to live. That has to push up property values in West Vancouver real estate over the long term, said Somerville. So what should homeowners do if they’re thinking of selling? “Be prepared to take a lower price than they think they’re going to get,” he said. “Be prepared to wait longer to sell.” His advise to home buyers in West Vancouver real estate was not far from the same. “If you’re thinking of buying, it’s a time to take your time,” said Somerville. “There’s not reason to feel rushed.

One Size Doesn’t Fit all in West Vancouver Real Estate

According to Jessica B of the North Shore News: District of West Vancouver residents are willing to let go of monster house mania to make way for smaller, more affordable housing, council heart Monday. In addition to smaller houses, West Vancouverites want a greater variety of housing types, but still like the idea of a single family home with a garden or green space. “One or two sizes no longer fit the community that we live in,” said Any, Vice Chairman of the neighbourhood character and West Vancouver housing working group. “We need to change in order to stay the same.” The West Vancouver housing working group, comprised of West Vancouver residents, many with backgrounds in urban planning, engineering and real estate, has been collecting public input through meetings and workshops for more than a year. The Group appeared at Monday’s meeting to president its findings to the West Vancouver Real Estate Council, complete with 20 recommendations based on resident input for preserving community character and shaping neighbourhoods for the future. “This whole dialogue was about people talking to people,” said Christine Banham, group chairwoman. “We heard many personal stories telling of Wets Vancouverites’ struggles and challenges in their neighbourhoods.” Banhm spoke of single retirees coping with the high cost of West Vancouver living, disable adults with accessibility concerns and the so called “sandwish generation” who are at once caring for aging parents and not yet independent children. “Each story is unique, but we heard the same messages over and over again,” Banham said. “West Vancouver residents want to maintain thei homes and neighbourhoods, they wan to remain in community over the long run, even as their needs and abilities change over time. The report’s recommendations for the West Vancouver real estate future include an overwhelming need and public support for West Vancouver secondary suites such as coach houses or infill housing district wide. The West Van working group also suggested leasing district lands for lower-income housing and developing pilot projects in certain neighbourhoods. One thing all the recommendations have in common, Banham said, is that they intended to move council to take action.

West Vancouver Plans New Limits on Large Homes

First steps to a rewrite of zoning in the City of West Vancouver real estate according to Jessica B for the North Shore News. Zoning bylaws in the District of West Vancouver are in for an overhal that will make it more difficult for developers and homeowners to build bulky houses. A series of zoning amendments designed to close loopholes in current legislation that allow real estate developers to skirt the existing bylaws were introduced to council on Monday night for first reading. According to director of planning Bob Sokol, the proposed amendments are the first part of a comprehensive rewrite of bylaws that will overlap with concerns by residents, brought up last week in the neighbourhood character and housing dialogue. The floor area ratio is the amount of floor area that is allowed in relation to the size of the lot. Most West Vancouver housing neighbourhoods allow houses that are 35 per cent of the lot. For example, a 10,000 square foot lot would allow up to 3,500 square foot house. In Ambleside, Dundarave and Horseshoe Bay, however, houses may take up to 50 per cent because the lots tend to be smaller. But Sokol said exceptionas to floor area ratio are contributing to West Vancouver’s bulky monster house epidemic. The biggest culprits, Sokol said, are covered decks on second floors and attached accessory buildings that don’t count toward the floor space ratio. “Over the past few years, there’s been kind of an explosion of people putting covered decks on their houses,” Sokol said, “They add substantially to the bulk of the West Vancouver house, particularly when theyr’ on the second storey.” Sokol added that people routinely add accessory buildings as extensions to their West Vancouver houses too. The accessory buildings are supposed to be separated from the house by a dividing wall. However, Sokol said the walls frequently come down after real estate developers and homeowners receive their last building inspection Under the proposed bylaw amendments, second storey covered decks will still be allowed but would be included in the floor area ratio. The proposed West Vancouver real estate amendments also reduce attached accessory building exemptions from 240 sf to 50 sf. Bylaws limiting changes to grades and retaining wall heights were also introduced along with a proposal to reduce rock and soil removal from 600 cubic metres to 200 cubic metres. More aspects of the neighbourhood character and West Vancouver housing working group report will likely be seen as Sokol proceeds with the zoning and policy rewrites. For instance, Sokol said he did not want to limit basement sizes right now because they may play a role if council decides to allow West Vancouver secondary suites in some neighbourhoods. The interim amendment are “baby steps” on the way to the comprehensive rewrite, Sokol added, which could take up to a year to complete. The zoning bylaws of West Vancouver real estate will also undergo a technical rewrite to bring the 1968 document up to 2008 standards. Council voted unanimously to refer the amendements to the deign review committee for comment. A public hearing on the proposed West Vancouver real estate amendments is scheduled for October 20th and Sokol is expected to return to council on October 27th with a technical review and a list of other policy issues his team will be addressing.

North Shore Real Estate Update by Alan Skinner, the Most Trusted Source of Property Information – October 2008

The Supply/Demand Dictatorship. WE know we live in a democracy, but not everybody realizes that there is a tyrant – depends on which side you’re on – that dictates our lives. Obviously, my old hobby horse, embodie in the term willing seller/willing buyer, is that of which I speak. Say, for a minute, the Supply side represented by potential sellers, got together, and said… buyers (Demand side) are not appearing confident to make the decision to buy a home. Therefore, it makes sense to take our homes off the market (or not add them to the supply pool). But, I hear you sya, that is not realistic as so many of us really want to (need to) sell. Precisely my point! Now, and this is not meant to be facetious; Sellers, realize that it is your collective wants and needs that will cause prices to drop. Supply must decrease or the confidence of home buyers must be restored. We do know that a very large part of that “damage” can only be repaired by the actions of our neighours to the south. Just how long will it take?

North Vancouver Home Rentals

Beware the pitfalls of renting your home to vacationers according to the North Shore Outlook Contributor Jennifer R. If you’re looking to earn a little extra cash this summer, a short term vacation rental may sound like a sweet deal. A quick and easy way to help lighten your mortgage load over the holiday months right? But, according to the Better Business Bureau, many North Vancouver home owners are unaware of the pitfalls of renting their homes to vacationers. “What can look like an easy way to make profits is really not so easy,” says Lynda Pasacreta, Better Business Bureau president and CEO. “Being successful with vacation rentals requires extensive planning and knowledge on how to market your property effectively.” But with some experts saying a homeowner could double or even make up to 10 times the amount with a short term vacation rental than a traditional month to month home rental, the potential pitfalls show no signs of slowing down eager North Shore residents. And with the 2010 Olympics around the corner, many North Vancouver homeowners are taking the time to prepare for winter visitors by renovating their residences. Capitalizing on vacationers often means taking loans to update homes and installing self-contained suites. But before you jump start a renovation project, the BBB urges homeowners to protect themselves by taking a few simple precautions. All you have to do is a little homework. If you are adding a suite to your home, you may need to install a bathroom or a kitchen, which often requires a building permit. It’s a good idea to check with the BBB before you hire a contractor to start the renovation. Next, make sure to get the right type of insurance. To help avoid future headaches consider fire insurance, liability insurance and burglary protection. Ask other North Vancouver homeowners in your neighbourhood what policies they have to cover their homes. Also, check your municipal laws and taxes before you move ahead with a home rental. Familiarize yourself with both provincial and local restrictions and contact your local tax office or chamber for up to date information including B.C. rental tax laws. A hotel room tax coule apply to your short term accommodation if you have four units for rent or more or if you rent to one person for longer than one month. Visit the Ministry of Small Business and Revenue website for more information (www.gov.bc.ca/sbr/). Licensing may also be required. If you are planning on providing services outside your own home rental, you may require additional licensing for areas such as property management and acting as a travel agent. Lastly, be careful when you advertise. The Internet can be a powerful tool for attracting vacation renters through online listings, but some sites are scams. Take your time, do your research and when possible ask for a referral. For more information and consumer tips visit www.bbb.org.

Home Construction Down in North Vancouver Real Estate Market

This article taken from the North Shore Outlook newspaper and written by Jeff N for Black Press. Home builders say they see few signs so far of imminent collapse in the construction industry. Greater Vancouver Home Builders’ Association president Peter Simpson is pointing to the latest statistics showing Metro Vancouver housing starts are so far up 11 per cent from 2007 housing starts. “If we continue on this pace, we’re looking at the best year since 1993,” he said. Simpson was responding to predictions that the decline in Vancouver real estate prices in the region will soon trigger a building construction decline that could create a drag on Metro Vancouver’s economy. He did not rule out the possibility that will happen in the months ahead. “There are some clouds out there, but the sky is not falling,” Simpson said. “We warned our builders some time ago to be risk averse. Don’t plan out too far in advance.” He said there may be “ abit of shakeout” with smaller industry players, particularly newer entrants. “We’re looking ahead with cautious optimism.” Canada Mortgage and Housing Corporation (CMHC) analyst Robin Admanche said 2008 should be the fifth straight year in which housing starts have topped 18,000 units in the Greater Vancouver real estate region. She said the demand for new homes remains healthy, but the inventory of unsold new homes is beginning to rise. Surrey leads the region so far in new home construction, CMHC reported, with 4,000 units started – three quarters of them are multi family units. That’s a 66 per cent increase from the same period in 2007. Vancouver is up 74 per cent with 3,568 starts. Delta has twice as many new starts (171) this year. Langley, Burnaby, New Westminster, North Vancouver and Maple Ridge have all experienced significant declines of at least 20 per cent however. Real estate prices in Metro Vancouver peaked in March, the latest realtor statistics show, and are down about 4.5 per cent so far. Many more homes are now available for sale and buyers have become much more selective.

Community Update for Park & Tilford Shops & Gardens on the North Shore

Park & Tilford gets pedestrian friendly makeover according to the North Shore News magazine. New design of Park & Tilford makes a strong connection with the Gardens. One of the North Shore real estate’s favourite shopping, dining and entertainment destinations will soon be sporting an attractive new look. Park & Tilford Shops and Gardens is nearing the end of the first major renovation in its 20 year history. The $6 million makeover will include new fabric canopies, improved signage and a red brick façade designed to match the architectural style of the gardens at Park & Tilfod. “I think it’s going to be much more inviting, much more friendly,” says greg Richardson of Omicron, the project architect. “When you put canopies on a building you tend to lower the scale and make it more pedestrian friendly. It gives it a small town look and makes for a more comfortable shopping experience.” Richardson says the design of the new Park & Tilford North Vancouver shopping and gardens makes a much stronger connection between the shops and the gardens. “This will unify the whole centre. This is much more than a quick paint job,” says Tony Segaric, Vice President of Operations and Construction, Bentall’s Retail Property Management Division. “We are updating and upgrading the entire shopping centre.” Segaric says the North Vancouver Park & Tilford shopping centre experienced general wear and tear over the years and the exterior had suffered some damage from the elements. “The need for repairs gave us an opportunity to include an aesthetic upgrade to give Park & Tilford a warmer, more modern appearance and improved functionality.” Environmental considerations at the new North Vancouver Park & Tilford were also included in the renovation, and in day-to-day operations, with the use of building components that include recycled material as well as upgrades to improve energy efficiency. The improvements have earned Park & Tilford North Vancouver a “Go Green” designation from the Building Owners and Managers Association of Canada, which recognizes leadership in environmental stewardship. Segaric says the approach to the upgrades is consistent with Bentall’s long term view of retail property development such as Park & Tilford in North Vancouver. “We’re extending the lifespan of Park & Tilford to help our retail tenants deliver service and value to the community for many more years to come.”

Southeast False Creek 2010 Olympic Village Update - Millennium Developments gets $100-Million Bailout from City of Vancouver

MetroNews Reports that the City of Vancouver Has Taken Over Financing of the Olympic Games Village Development

According to Jeff of Vancouver MetroNews, The City of Vancouver will finance the entire $1 billion Olympic Village along Southeast False creek waterfront proprety development after purchasing a $750 million loan agreement from New York based Fortress Investment Group yesterday morning on February 18, 2009. Vancouver Mayor said that the deal gives the city the best reutn on its investment and allows it to focus on getting the Southeast False Creek Vancouver Olympic Village ready in time for the Games. During a special council meeting yesterday morning, city manager Penny B informed councillors that an hour earlier, the City of Vancouver had transferred $319 million to Fortress Investments to purchase out the loan on the Olympic Village real estate development. The amount represents the money that Fortress Investments loaned to project developer Millennium Group, plus a $4 million early repayment fee. The buyout money for the South East False Creek Olympic Village in Vancouver is a $240 million investment of city money and $90 million of a $400 million line of credit from the Bank of Montreal. Fortress Buyout 'Best Of a Bad Situation' - The latest in the long string of bad news coming from the real estate development of the Vancouver Olympic Village along southeast False Creek property. According to 24 Hours Vancouver, the City will go it along on the struggling Olympic Village real estate project. City manager Penny announced yesterday that city hall bought out financier Fortress Credit Corporation at a cost of almost $319.5 million for the bailout of the Vancouver Olympic Village in order to stay on budget and schedule. The move means the division of struggling New York based hedge fund Fortress Investment Group has been cut out of the Vancouver 2010 Olympic Village real estate development project completely. The City of Vancouver, using a BMO Bank of Montreal line of credit up to $400 million is now the lender on the Southeast False Creek Olympic Village in Vancouver. Millennium Development remains the property developer and ITC and MetroCan the builders. After a special city hall council meeting yesterday, Vancouver Mayor called the Fortress Investment take out a turning point in the drama that has engulfed the 2010 Vancouver Olympic Village fiasco for months now. The waterfront residential project's problems clouded an election campaign that Robertson won handily last fall aft er news leaked of the city's emergency $100 million city loan brought on when Fortress stopped paying for the funding on the Southeast False Creek Vancouver Olympic Village site development. Robertson said holding teh purse strings will give the city better flexibility not and beyond. Under the terms of a tripartite deal with Fortress and Millennium Group, the city of Vancouver was liable for a construction guarantee. It paid $133 million to keep construction on the Olympic Village along Southeast False Creek going. It's estimated $690 million is still need to complete the project in time for the Winter Olympics. This by Bob and Irwin of 24 Hours.

City of Vancouver Mum about $100 Million Bailout for Olympic Village

According to Metro News Vancouver’s Maria C on the secretive bailout by the City of Vancouver for Millennium Developments cost overruns for the Olympic Village 2010. The city of Vancouver yesterday refused to comment on details of a closed door meeting that enabled a $100 million bailout to help offset the mounting costs of the 2010 Olympic Village in False Creek. “It’s not in the taxpayer’s interest to talk about the day-to-day dealings,” said Jody Andrews, the Olympic Village’s deputy manager, and project manager for the southeast False Creek real estate project, adding that the taxpayer’s “risk profile in this project hasn’t changed – the project will be delivered on time.” Furthermore, Andrews said that the “commitment of the city remains unchanged.” Vancouver city coundil approved the money in a closed door session on October 14th, 2008, when the private developer, Millennium Development Group, was struggling with the international credit crunch and cost overruns in a slowing Vancouver real estate housing market, according to new reports. Yesterday, NPA mayoral hopeful Counc. Peter Ladner reamiend tight lipped about the meeting, and was led away by staff when reporters questions him about the loan for the 2010 Olympic Village $100 million bailout plan following the Downtown Vancouver Association’s debate. Earlier, he conceded that the council is “concerned about finances.” “We’ve been prudent with (the Property Endowment Fund),” he said. “It is equipped to take situations like this and make loans like this.” Ladner was also stunned to learn that Vancouver’s director of finance. Estelle Lo, had resigned. Media reports speculate that Lo quit her position after months of expressing concern that the City of Vancouver was taking on too much financial risk in this 2010 Olympic Village southeast False Creek real estate development project. The full cost of the Olympic Village has been estimated at about $1 billion, and as part of the public private partnership some of the units will be made available as affordable or social housing.

$100 Million Handout for the 2010 Olympic Village in Southeast False Creek Vancouver

There are more questions than answers today about the financial future of Vancouver’s Olympic Village after a report emerged suggesting city council had secretly approved a $100 million bailout to the 2010 Olympic Village Southeast False Creek site’s developer. This according to 24Hours Vancouver. Senior city staff yesterday refused to confirm or deny that council had authorized the $100 million loan last month to Millennium Development Corp, which is tasked with building out the site in Southeast False Creek real estate district. And city councilors who are said to have unanimously given the deal a thumbs up, including a mayoral candidate, stayed largely silent on the issue as well. But the senior city official in charge of the Olympic Village site insisted the project was in order, despite acknowledgeing the $1 billion overall plan was roughly seven per cent over budget. “The taxpayer is under no additional exposure and it’s being complete on scheduled,” said deputy city manager, Jody Andrews. But he refused to speculate on the finances of the Southeast False Creek Olympic Village in Vancouver. “What I can say is the overall package remains unchanged,” Andrews said. “The day-to-day transactions on how to get there, we don’t reveal.” What remains to be seen is the extent of any political fallout on the issue with just over one week to go before the November 15th elections. Vision Vancouver mayoral candidate Gregor Robertson, who doesn’t currently sit on council, yesterday called for a public hearing to air out the city’s finances before the election. “The public has a right to know what’s going on before the election,” said Robertson. NPA Coun. Peter Ladner, chair of the city’s finance committee, refused to comment as the story developed yesterday but said in a press release that Robertson’s call for an open discussion on the finances “reveals his lack of experience in how civic government works.” By Irwin L. Right now, it is presumed that the Vancouver City Council has approved a $100-million loan to Millennium for the Olympic Village Southeast False Creek real estate development project.

Vancouver Olympic Housing Worries

A recent study shows previous host cities have seen negative impact on local housing markets. This by Maria for MetroVancouver. A study of seven different Olympic cities around the world found that local residents were the biggest losers when it came to the impact of the Olympic games on local housing markets. “The local people living in a city shouldn’t be adversely affected by a sporting event that lasts for two weeks,” said Clair Mahon, a principal author of the 2007 report entitled Fair Play for Housing Rights: Mega Events, Olympic Games and Housing Events. According to Jenny Kwan, NDP MLA for Vancouver-Mt. Pleasant, since the Winter Olympics were announced for Vancouver-Whistler, more than 1,200 single room occupancy units have been lost. “This is housing that’s been lost to low-income populations and it’s had a direct impact on the increase in homelessness that we’ve seen since the games were awarded to Vancouver,” said Laura Track, a lawyer with Pivot Legal Society. Activist Am Johal added that a funded watchdog group was promised but not set up, as was a civil liberties round table that hasn’t come to fruition. “Many other cities and many other people are watching what happens in Vancouver and hoping this can continue to be an example for the rest of the world in terms of how you organize an Olympic games,” Mahon said. “So the idea is to say, ‘Let’s continue to make it better.’”

Olympic Village Tab Could Rise Even Further
According to 24Hours Bob M. There could be more bailouts on the way if the Vancouver Olympic Village struggles to the finish line. The August 31, 2006 lease agreement between the City of Vancouver and Millennium Southeast False Creek Properties, obtained by 24 Hours calls for substantial completion by September 30, 2009 and VANOC to begin exclusive use November 1, 2009. A clause gives the City of Vancouver the power to order Millennium to accelerate work, but the City of Vancouver would pay the bill for extra wages, materials and heavy equipment. The contract said Millennium Southeast False Creek properties would not be liable for unavoidable delays beyond its control, such as destruction of buildings by explosion, riots or earthquake. Inability to meet financial obligations is not considered an unavoidable delay. If Millennium commits materials default by failing to pay rent or not adhering to project milestones, the City of Vancouver could “re-enter and take possession of the lands and building,” according to the contract. City council approved a $100 million bailout loan for cash-strapped Millennium Southeast False Creek Properties in a secret October 14th meeting. Information was leaked to the Globe and Mail but all NPA, Vision Vancouver and COPE councillors have refused to talk about the meeting. NPA Counc. Peter Ladner, who is running for mayor, was unavailable for comment yesterday. Ladner fought back Friday at Vision Vancouver apponent Gregor Robertson by conceding he is “prepared to lose this election to save this project and protect the city’s taxpapers.”

Vancouver Olympic Village Housing Affordability Out The Window?

According to the latest February update on the 2010 Olympic Village fiasco surrounding affordable housing and recent attempts at refinancing the growing debt, the 24 Hours magazine examines what is actually going on. Written by Irwin for 24 Hours Vancouver. There was a rush to point fingers yesterday as city officials in Vancouver searched for answers to the latest financial conundrum facing the Vancouver 2010 Olympic Village real estate development along the waterfront of South East False Creek. Soaring costs have jeopardized plans to build 252 units of affordable housing at the Olympic Village Southeast False Creek, it was revealed this week, which was a huge part of the sustainability and legacy for the development of this master planned waterfront Vancouver community. “It’s Unfuriating to inherit yet another big problem,” said Vancouver Mayor Gregor Robertston. His Vision Vancouver party has sought to pin the blame on the former ruling party, the NPA, which oversaw the project for three years. But the Vancouver Olympic Village real estate development project and affordable housing part of it was started under a previous Vision/COPE government with more ambitious social housing targets in mind for the Olympic Village along southeast False Creek neighbourhood. “It would be wrong to point to any one decision,” said Suzanne, the lone NPA councillor at city hall. “There were a series of decisions made over eight years.” Now, Vancouver city faces finding up to $77 million more to keep future rents for the Vancouver Olympic Village project affordable, or reducing the level of affordable housing at the site. But given that the affordable housing was a key part of Vancouver’s bid book promises that won the city the 2010 Olympic Games, it appears the city is unlikely to go with the latter option. Robertson suggested the city might look at building out the Olympic Village affordable housing units away from the Olympic Village property itself. Affordable housing in the Southeast False Creek Olympic Village development is at risk now thanks to cost overruns.

Whether you are a homebuyer or investor, is this the right time to buy a new Vancouver home? The latest on the falling Vancouver real estate prices..

Greater Vancouver Home Prices Still Dropping

According to MetroNews Maria C, The average price of a home in Greater Vancouver has dropped eight per cent compared to last year, according to the B.C. Real Estate Association. The average price now of a Greater Vancouver home sits at $535,598 down from $582,354 last September. “Weaker consumer demand and a large number of greater Vancouver homes for sale are having an impact on home prices in the province,” said the association’s chief economist, Cameron Muir. With the economic crisis on the minds of many, people don’t seem to be spending as much, nor are they as willing to make major purchases compared to a year ago. Residential home sales in Greater Vancouver real estate market dropped a whopping 43.2 per cent this month compared to last year – that’s well above the provincial average of 30 per cent.

Canadian Housing Starts Rise 13 Per Cent

According to MetroNews, Canadian Housing Starts rebounded in August, beating expectations, but some economists cautioned against reading too much into the number since it followed a weak reading for Canadian housing starts in July. Housing starts in Canada rose 13 per cent in August to a seasonally adjusted annualized rate of 211,000 units from 186,500 units in July, the Canada Mortgage and Housing Corp said. The bulk of the gain, which topped the consensus analysts’ expectation for 195,000 starts, was in Ontario real estate housing starts, where there was an 81 per cent jump. The government owned CMHC attributed the surge in multiple-unit starts in Canada which shot up 25.2 per cent to 114,700 units following a 20.2 per cent slide in July. But some real estate Canadian experts said since the bounce back in housing starts in Canada followed weakness, it doesn’t mean that Canadian housing activity is buoyant. REUTERS.

Greater Vancouver Housing Sales in Area Drop by 43 Per Cent

REAL ESTATE UPDATE from the MetroNews Vancouver Monica M. Homes ales in Greater Vancouver real estate fell 42.9 per cent last month, according to a report released yesterday by the Real Estate Board of Greater Vancouver (REGBV). Home sales dropped by 1,585 units this September compared to 2,776 in September 2007. The president of the REBGV, Dave Watt, said the Greater Vancouver real estate market is simply adjusting itself. “Affordability played a role,” he said. “Prices rose to the highest levels in February and March and now they’ve declined by five per cent.” Watt also said the U.S. subprime mortgage crisis is affecting consumer confidence.

Ritzy Vancouver Real Estate Under Price Pressure

New report says multi-million dollar Vancouver real estate properties may have passed peak prices. This according to the North Shore Outlook’s Jeff N for the Black Press. A new report predicts the prices of tony homes in West Vancouver real estate and across the Lower Mainland may sag from their stratospheric heights. The starting price point for upper end homes in Metro Vancouver real estate market has climbed to around $2 million, according to the RE/MAX market survey of ritzy real estate in Vancouver. On Vancouver’s west side, the starting price is closer to $4 million. The most expensive Canadian home sold so far in 2008 (through MLS listings) went for $11.5 million in Metro Vancouver, the report said. But home buyers will have to open their wallets wider yet to buy the priciest properties available in the metro Vancouver real estate market today. A Burnaby mansion is on the real estate market for $25 million and a “world class” country manor in Richmond real estate with its own bowling alley, tennis court and equestrian riding fields can be had for $24 million. Two more single detached houses in Kitsilano and West Vancouver’s Caufield area are on the West Vancouver real estate market for $19 million. Metro Vancouver property is also home to Canada’s priciest condo now for sale – for $14.9 million. If that sounds expensive, consider that it’s already been marked down from the original list price of $18 million. Nearly 400 high-end homes sold in Metro Vancouver real estate market in the first seven months of the year, up five per cent from the same period last year. “Affluent baby boomers, Generation X and Y, and an influx of international home buyers from Mainland China and Europe are behind the push for luxury real estate,” the report says. “Money mad in oil and gas sector in Alberta has also made its way into Vancouver’s residential housing market.” What do well-heeled home buyers want? Large lots with more privacy – often traditional character homes in exclusive neighbourhoods – with more square footage and either views or waterfront. The luxury Vancouver home threshold is lower - $1.2 million – in White Rock – South Surrey real estate, where the report says some would be buyers are waiting for a correction while sellers “are still trying to cash in at peak levels.” The report says 218 high-end Vancouver homes are listed now in that area. The luxury home market is usually the first place pressure cracks appear in a downturn, but RE/MAX executive vice-president Michael P. said the reverse has so far been true. However, the Wall Street financial meltdown has cooled the ardour of some buyers and Polzler said that “will give purchasers cause for concern in the immediate future.” The firms’ report notes some rich real estate investors are instead trolling U.S. housing markets to scoop West Coast properties at rock bottom prices.

Canada Housing Prices Slow For Sixth Month in a Row

According to MetroNews, The increase in the price of a new Canadian house slowed in July for the sixth month in a row, mostly because of a softening market in western Canada real estate market. Statistics Canada says selling prices for new houses in Canada were up 2.7 per cent year over year in July slower than the 3.5 per cent June increase. Prices roses fastest in Regina real estate market, where the cost of a new house skyrocketed 29.6 per cent, though that was down from a 34 per cent April record increase. Meanwhile, buyers in Newfoundland and Labrador faced a fourth consecutive price increase in 24.3 per cent. By Torstar News Service.

Party On in Local Vancouver Real Estate

On The Market by Carly K for 24 Hours. Wayne’s World has nothing on Vancouver real estate agent Tom Everitt, who’s launched his own homemade show. Instead of his parents’ basement, a la Wayne and Garth, Everitt films his daily two to four minute web show, Vancouver Market Watch (www.think-tom.com) in his newly turned studio (to the tune of $25,000) garage. And instead of “babes,” he discusses another “hot” topic: Vancouver real estate. “In the stock market, you can go to the TSX and check out Google,” says Everitt, “but it’s very, very hard to figure out what’s going on in the real estate market.” Everitt shares insider knowledge as well as hot sheet statistics, daily reports in which Vancouver realtors are given an up-to-the-minute snapshot of Vancouver real estate market activity. For instance, Monday’s Vancouver Market Watch show dealt with open houses on the weekend. “There were 383 opens on the West Side… 202 opens on the East Side… 80 opens above $1.4 million.” What does that mean? There’s a lot of competition, says Everitt. Likewise, yesterday’s Vancouver Market Watch show shared the scoop that the day netted 100 new listings, 65 price reductions and only nine Vancouver home sales. Which Everitt interprets to mean “definitely a slow down in the Vancouver real estate market.” Other topics include negotiation skills and legalities of contracts. And like his zany SNL predecessors, Everitt of Vancouver Real Estate Market Watch tries to infuse some fun into the often stressful subject of shopping for or selling a home. Humorous pokes include “I’d like to move it… move it (the importance of pricing in today’s Vancouver real estate market) and a homestaging episode in which he digs himself out from behind a clutter of décor no-no’s such as ahigh school grad photos, trophies and decaying plants. While you won’t see any air guitar riffs or extreme close-ups on the Vancouver Market Watch show, Everitt does promise to answer the question on everyone’s mind: Will Vancouver’s real estate bubble ever burst? Yep, just as soon as he equips his new studio with a crystal ball.

Good Time To Buy Vancouver Property

According to Ryan D. of HouseLeague written for MetroNews: With the U.S. economy in continuing decline, many are wondering if our American counterparts have enough economic sway on Canada to lead our housing market to the same fate. In a word, no. Let’s put it in perspective. The “subprime” mortgages offered in the U.S. were mortgages granted to people who would not normally qualify for such loans, primarily due to lower credit scores. As housing prices in the U.S. began to soar in 2005 and 2006, banks began supplying subprime loans, believing that the real estate market would continue to rise. In 2007, as the U.S. market softened and interest rates went up, refinancing these loans became increasingly difficult, with more and more people defaulting and going into foreclosure. As this happened, interest rates continued to climb, forcing homeowners who could barely afford their payments to foreclose on their homes. Mortgage insurance companies were unable to continue reimbursing banks, causing huge financial losses for many mortgage lenders. This inevitably led to the U.S. real estate market crash. It is important to note that while property values plummeted, it was due to a mortgage-lending crisis, not a real estate crisis. In Canada, mortgages are regulated by stricter guidelines with fewer lenders and much harsher credit checks. Financial institutions in Canada examine applicants’ total debt service ratio: the ratio between the applicant’s total debts for housing, car loans etc. versus their total income. Most lenders will not consider you for a loan if your total debt is more than 40 per cent of your income. It ensures that if interest rates rise, or other financial hurdles are encountered, homeowners will still be able to afford their property and will not lose their homes to foreclosure. The Bank of Canada is adding additional precautions by abolishing the “zero down” mortgage (in favour of a minimum of 5 per cent down) and will no longer allow mortgages to be amortized beyond 35 years. With low interest rates and a large selection of properties, it continues to be a great time to buy that dream house or condo.

Vancouver Real Estate Market Glut A Good Time To Take Stock

If you’re one of those who are kicking themselves for not selling their condo or townhouse a year ago, take a deep breath. Then take a good look around according to the UrbanDweller Carlyn Y. for the Metro Newspaper. You’ll notice there’s a record glut of “units” all looking for home buyers at the moment, and many of those home owners don’t have a chance of getting close to their asking price. You might want to view this as a sign. This could be a good time to hang tight and work on making the most of your home instead of worrying about what might have beeen. If you are determined to sell, it’s clear that the days of simply straightening up the joint are over. The slightest imperfection – a cracked bathroom mirror, a broken bi-fold door – could be a deal-breaker. And even if everything is in good running order, landing a home buyer may come down to something as elusive as a feeling. You know the feeling; its’ that I could live here non quantifiable that hits us every once in a while. It’s less likely to be the result of stagin tricks, like the bubble bath, the Sunday New York Times spread out on the bed, the jazz filtering in the background, the aroma of resh baked cookies or coffee. That good feeling is more likely to come from the same things that have you bent on selling; space to entertain, in suite storage, more natural light, a kitchen two can work in, or a usable balcony. You can’t grow more square footage for these perks, but you can clear the decks. Consider that when apartment hunters come to an open house, they’re already slightly disoriented from the walk through the unfamiliar common areas. The last thing they need upon entering your unit are more visual barriers like side tables, bookcases and shoeracks. Those tables and racks might be useful to you, but they’re impediments to viewers, so plan accordingly. Also be aware that your Tuscany or urban street décor style may be off putting to others, so dial the décor down to clean and versatile. Stay away from fussy tile patterns or fad wallpaper. They may speak to you, but they may scream at others. If you’re unsure where to begin, bring in an impartial third party to help identify the problem areas. It’s amazing how blind we become to the detractions of our own homes, like popcorn ceilngs or shabby lino in the bathroom. Check out more from Carlyn at Home Reworks at www.homereworks.com.

Vancouver Real Estate Decline To Bottom Out Next Year According to Economist

Prices predicted to drop another five per sent according to Black Press Jeff N for the North Shore Outlook. A slide in Lower Mainland real estate prices that began in March is likely only half way to a bottom that will likely come sometime next year, one economist predicts. Helmut Pastrick of Central 1 Credit Union (formerly Credit Union Central of B.C.) says Greater Vancouver home prices are down roughly four to five per cent from their peak earlier this year. “I’m saying a 10 per cent decline from top to bottom, from peak to trough,” he said. “It could be more. I’m not ruling that out at this point.” Pastrick said he therefore expects a similar drop of at least five per cent on top of what has occurred so far before prices stabilize some time in 2009. “I tink it will continue for another six months and potentially 12 months,” he said of the declines. Within the Greater Vancouver zone (Metro Vancouver excluding North Delta, Surrey, White Rock and Langley), the sale prices of detached houses dropped two per cent in August to $738,000. Townhouses and duplexes fell 2.2 per cent to $463,400 while condos slid 1.9 per cent to $374,400 for a benchmark property. The numbers show Greater Vancouver home prices in most of the region are no longer at levels double what they were five years ago. Detached houses in the Greater Vancouver real estate market are up 84 per cent over five years in Greater Vancouver, and 70 per cent in the valley. Only condos in Surrey, Port Coquitlam, Richmond, East Vancouver and Abbotsford are significantly more than double their value of August 2003 (up 110 to 135 per cent). While home prices changes vary from month to month and city to city, Pastrick says data shows this year’s drop is a broad based decline. “It’s market-wide,” he said. “It’s hitting detached homes, townhouses, apartments all roughly the same.” Pastrick says it’s a different type of Vancouver real estate downturn form what’s been seen before. Past triggers – like dramatic spikes in mortgage interest rates or high unemployment –aren’t present now. Instead he attributes the drop to prices that have risen too high – beyond the affordability issues for first time buyers – coupled with consumer angst about everything from high oil prices to the U.S. economy and the real estate market meltdown there. “These kinds of things affect consumer confidence,” Pastrick said. Falling Greater Vancouver home prices will deter potential sellers he said, who will opt to postpone selling unless they’re forced to sell. Real estate investors owners sitting on empty units will likely begin renting more of them, he added. The price decline will translate into less new home construction in Greater Vancouver, Pastrick predicts, and that drop in activity will shake out in fewer construction jobs and less money buoying the Metro Vancouver economy. He says the signs of an mpending drop were present a year ago when realtors first began to report declining sales in the Greater Vancouver real estate market. “That always raises a red flag that housing prices will be responding,” he said. Going back even further, he added, sales began to plateau in 2005, an early signal the hot real estate market in Vancouver would not be climbing indefinitely. Home sales in August were down 53 per cent in Greater Vancouver and 48 per cent in the Fraser Valley region from a year earlier. Fraser Valley Real Estate Board president Kelvin Neufeld said potential home buyers “took a wait and see approach this summer.” When the Vancouver real estate market was soaring, home buyers often had to make snap decisions on properties and could still end up paying more than asking price. Now home buyers are in the driver’s seat. “Selection is at record levels,” Neufeld said. “interest rates remain competitive while prices have moderated.” August 2008, one year % change: North Vancouver detached house - $868,200 (+ 2.6%) and West Vancouver detached house $1,512,900 (+7.2%) Benchmark or median sales prices from Greater Vancouver and Fraser Valley real estate boards.

Latest Trends and Numbers from the Vancouver Housing Market - July to September 2008 Vancouver Real Estate State of the Union

Vancouver Home Prices to Fall Almost 18% by 2010, says analysis

According to the Vancouver Sun and MetroNews Vancouver by Maria C. Credit Crunch. The average price of a home in Greater Vancouver is expected to drop more than $100,000 by 2010, according to an economic analysis by Central 1 Credit Union released yesterday. The report suggests that Greater Vancouver homes in the area will cost an average of $460,000 compared to the average going rate of $570,795 for a home last year. The roughly 18 per cent devaluation over the next two years is being blamed on the world wide credit crisis. “The downturn is widespread and affects most real estate markets and most housing types,” Centrals’ chief economist Helmut told Metro. “The markets are weak and prices are heading lower fo the next several months.” The forecast takes into account the higher demand for homes expected ahead of the 2010 Olympic Games in Vancouver. “For the year as a whole, I do expect that market conditions will imrpove during the course of the year 2010 and even potentially later in 2009,” he added. “But the year-over-year will still be negative.” Provincially, the study anticipates median housing prices will fall 13 per cent in 2009 to $310,000 compared to March 2008 rates.

Vancouver Housing Prices Drop One Per Cent

According to Metro News: Economy – Canadian average home prices have fallen for the second straight month in a row, raising concerns by economists that the Canadian housing market may have been caught in the undertow of a U.S. based recession. Home prices nationally fell by a significant 3.6 per cent to $327,020, from year ago levels in July, according to figures released by the Canadian Real Estate Association yesterday. In June, prices fell by 0.4 per cent, the first time decrease in nearly a decade. “We had a small drop the month before, but this looks like the real thing. We hope it’s not the beginning of an accelerating trend,” said TD Securities Economics Strategist Millan Mulraine. The bulk of the declines were in the western provinces, with cities such as Calgary down by 7.8 per cent and Edmonton by 5.3 per cent. The previously unassailable Vancouver real estate market saw a one per cent drop, all helping to bring the national average down. A drop in prices is typically preceded by a fall in sales. In this case, sales volume in cities such as Vancouver were down by a mammoth 44 per cent and Calgary by 13 per cent.

Housing: Canadian Foreclosure Info Takes Some Digging According to Georgia Straight – How the BC Foreclosure Process Works

Media reports from the United States routinely lists a litany of horrors about the number of foreclosures. According to the August 4 New York Times report, 8.41 per cent of subprime-mortgage loans from 2005 were in arrears by 90 days or more or in foreclosure in the month of June. Of subprime-mortgage loans from 2007, 16.6 per cent were delinquent, according to the report. This is creating huge problems for US real estate lenders, who have to put properties in foreclosure and then find a buyer in a property market that is already glutted with distress sales. Fortunately, in B.C. there haven’t been nearly as many foreclosures, which are loegal processes in court to extinguish all rights, title, and interest in an owner’s property so that it can be sold to pay a lien against it. According to the Canadian Bankers Association, just 0.15 per cent of B.C. residential mortgages were in arrears in April, the latest month for which figures are available. This is quite low when compared with other months dating back to 1990. The percentage of B.C. mortgages in arrears peaked in May 1999 at 0.66 per cent – more than four times the most recent figure.

Vancouver real-estate educator and foreclosure researcher Kap Hiroti told the Georgia Straight in a phone interview that he expects the number of B.C. foreclosures in real estate to increase – but only because the numbers are so low. He noted that some high-risk borrowers who’ve previously relied on alternative financing companies are finding themselves in trouble because those lenders have abandoned the real estate market. “What that means is that you’ve got people who’ve got a mortgage one or two years ago,” Hiroti said. “They’re coming up for renewal, and that company cannot renew because they pulled out of the real estate market. Usually, they’re very highly leveraged loans.” Those cases, however, are the exception to the current B.C. real estate market norm here. Hiroti pointed out another difference between the U.S. and Canada when it comes to B.C. foreclosure properties: south of the border, information is readily available. In Canada, it’s much more difficult to find data on foreclosure properties that are about to enter foreclosure proceedings.

ForeclosureList.ca a Web site owned by Hiroti, does the legwork in digging up information on B.C. foreclosures. He explained that a foreclosure typically beings when a bank lender issues a demand letter to a property owner seeking repayment of a debt. If the borrower doesn’t respond appropriately, the next step is for the bank lender to file a legal document called a petition to the B.C. Supreme Court. The foreclosure petition lays out the particulars, and normally asks for a court order quashing the owner’s rights, title and interest in a B.C. property. At this point, the owner of the property has a chance to file a response, which sets the legal wheels in motion. Prior to judicial ruldings, the home owner still has control over the property and can usually sell it without obtaining permission from the lender.

Hiroti said his company at ForeclosureList.ca web site compiles information form these petitions and distributes it for $99 per month to subscribers, most of whom are real estate investors in B.C. foreclosure properties. He estimated that there are approximately 20 foreclosure petitions filed in B.C. Supreme Court each week. Doing this research isn’t cheap. In B.C. it costs $8 to research a court file and $1 per page to photocopy documents about petitions and potential B.C. foreclosure properties. Ordinarily, a judge or a master of the B.C. Supreme Court will issue a decree nisi, which may require home owners to pay down the debt within six months. Hiroti said the next step is for a judge or a master to issue an order for the conduct of sale. “That’s where they actually bring a realtor onboard,” he commented. The agent has to list the property for market value on the Multiple Listing Service. Once an offer is made on the BC foreclosure property, the court must approve the sale. It can be a time consuming process, which is why Hiroti thinks it’s useful for real estate investors in BC foreclosure properties to find out about foreclosures much earlier in the process. So can a buyer get a better deal by approaching a property owner who has just received a petition? “It’s a good question,” Hiroti responded. “There is the potential,”

Local Housing Market Plummets

According to MetroNews, Vancouver’s housing market is slowing with sales down by 54 per cent from the same month a year ago. According to the Greater Vancouver Real Estate Board, 1568 units were sold in the region this August compared to 3,348 units the previous year. Sabine Boersch was going to sell her condo in Burnaby, but decided to rent it out after seeing the signs. “We have four units in our complex and five across the street that have been for sale since spring,” she said. Boersch said the fact that neighbours rented their apartment after just two showings made her confident it wouldn’t be an issue.

Redefining Greater Vancouver Homeowners

According to New Canada and republished in the West Coast Homes and Design Magazine by the Vancouver Sun, the girl next-door is more likely to own that home, as research shows women are anticipated to keep driving the Vancouver real estate market. To better understand emerging demographics in the Vancouver real estate market, Royal LePage has commissioned research on various home buyer segments. A recent Canada nationwide consumer poll examined the growing trend of female homebuyers in the Canada real estate market. The Royal LePage Female Buyers Report found that just over one third (37 per cent) of single never before married women own their own home and that another 28 per cent plan to purchase their next home in the next three years. A regional Vancouver real estate market analysis also showed a surge in female home buyers over the past five to ten years across the country. “Today, women are driven by independence and a growing desire to set up their own place. They are more real estate savvy than in the past and they are financially stable,” said Lisa da Rocha, vice president of Marketing and sales for Royal LePage Real Estate Services. “an active and healthy real estate market with affordable interest rates and properties targeted specifically to womens’ needs are also in their favour,” added da Rocha. Related industries have also identified women as an emerging influential group and are empowering and educating them through specialty stores and tools designed specifically for female homeowners. As the number of Vancouver single female home buyers continues to show significant year to year growth, women are anticipated to keep driving the Vancouver real estate market. More on trends in your neighbourhood is available online at www.royallepage.ca.

Federal Canadian Government Takes $2 Billion GST on New Homes in Canada Real Estate

The federal government is raking in more money than it ever intended from the GST on new home sales, study shows. Ottawa takes in about $2 billion a year in GST on new Canadian home construction. The GST on the average priced new home in Canada is fast approaching $20,000 almost double what it was in 1991. New home prices higher than $450,000 were not elgible for a rebate. Resale homes are exempt from the GST. The Greater Vancouver Home Builders’ Association notes tha the vast majority of local new home buyers have paid more for the GST than other Canadians for many years.

Vancouver Real Estate Builders Start on $2.9 Billion in New Work

According to Real Estate Weekly of Greater Vancouver: The total value of building permits increased for the second straight month in May, despite a decline in the overall residential Vancouver building sector. Contractors in the Vancouver real estate building industry took out $6.6 billion in permits in May, up 1.1 per cent from April and the highest value for permits since October 2007. The total was 6.7 per cent above the monthly average for 2007 and it marked the first back to back increase in construction intentions since November 2006. Statistics Canada reports municipalities issued $2.9 billion in non-residential permits in greater Vancouver real estate building, up 12.8 per cent. Residential intentions fell 6.6 per cent to $3.7 billion in May, the result of a considerable decrease in the value of multi-family permits. The value of Greater Vancouver real estate building permits in the residential sector has been on a downward trend since September 2007.

Vancouver Home Buyers Jump Back into the Drivers’ Seat

Higher property listings and easing Vancouver home prices have put buyers back in control of the MetroVancouver housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that housing sales declined 42.9 per cent in June to 2,425 from the 4,244 sales recorded in June 2007 according to REW magazine. New listings, meanwhile, increased 18.3 per cent to 6,546 compared to June 2007, when 5,533 new units were listed. For home buyers in Vancouver’s real estate market, this may represent a great opportunity to search out that dream house or condominium which would have been hard to find just months ago. “We are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt, though he noted that prices are generally still higher than a year ago. “Home prices at a competitive level continue to sell quickly, but it is important for people to accurately identified their home’s value when putting it on the market.” Sales of Vancouver detached properties in June declined 43.4 per cent to 918 from the 1,623 units sold during the same period in 2007. The benchmark price, as calculated by the Board’s housing price index for Vancouver real estate for single detached houses rose 7 per cent from June 2007 to $765,654. Sales of Vancouver condominium declined 42.7 per cent last month to 1,057 compared to 1,846 sales in June 2007. The benchmark price of a Vancouver apartment condo increased 7.8 per cent from June 2007 to $388,722. Attached Vancouver property sales in June 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The Vancouver benchmark price of a attached unit increased 7.6 per cent between June 2007 and 2008, to $476,585. Ask your local Vancouver Realtor for specific market details.

Vancouver Home Prices Drop as Listings Rise

According to the Real Estate Weekly newspaper, the change is moderate, but Vancouver housing price reductions of all types of residential property are now being seen for the first time in nearly a decade, reports the Real Estate Board of Greater Vancouver. The overall benchmark price in Greater Vancouver housing real estate market dipped 2.1 per cent since the end of May 2008, to $556,605 as of July, the Real estate Board of Greater Vancouver said. “We’re seeing price reductions on properties listed on the real estate Vancovuer housing market, which is having a leveling impact on housing price increase,” explained Real Estate Board president Dave Watt. Watt noted that there has been also been a decline in the total active listings on the real estate Vancouver housing market “Which is a welcome departure from recent trends.” The Vancouver housing price reductions reflect a general softening of the housing market. Total sales through MLS were down 43.9 per cent in July to 2,174 units, compared to July of 2008. Still, Greater Vancouver housing and real estate values reamin the highest in Canada. As of July, the benchmark price for a Vancouver detached house was $753,165, while a typical townhome sold for $473,953, and the benchmark price for a condominium apartment was $381,687. On the West Side of Vancouver housing real estate, the average detached house now sells for $1.3 million which is up 5.3 per cent from a year ago. East Vancouver real estate housing has the lowest priced condominiums, on average, in the city with a benchmark price of $326,324, up 7.2 per cent from a year earlier. On the West Side of Vancouver real estate, the benchmark price for a condo apartment is now $482,080, which is up a modest 3.5 per cent from last year.

Less New Vancouver Homes Being Started as Construction Slow

According to REW Newspaper: The Vancouver residential and non-residential building sector both dropped as the total value of building permits in June fell 5.3 per cent from May to $6.3 billion, according to Stats Canada. The decline hit most provinces and was 5.5 per cent in constant dollars. The value of Vancouver housing building permits fell 4.4 per cent in the residential real estate sector to $3.6 billion driven by lower values in multi-family permits in all provinces except Saskatchewan. The value of building permits dropped 6.6 per cent to $2.8 billion in the non residential sector due to declines in commercial and industrial intentions. Municipalities issues $1.3 billion worth of housing permits for multi-family real estate developments in June, down 13.8 per cent, with most of the declines occurring in Ontario and Alberta. Single family housing permits edged up 1.8 per cent to $2.3 billiong, StatsCan reports.

Vancouver Realtors Raise $1.2 Million for Charities

Greater Vancouver Realtors and their companies donated more than $1.2 million to 60 local charitable organizations last year, according tot a recent examination. This revelation is the result of the Real Estate Board of Greater Vancouver (REGBV) efforts to aggregate the annual monetary contributions its members give the charity each year. This is the first time a real estate board in the country has embarked on such a program said REGBV president, Dave Watt. “We know this figure likely only touches the surface, since many Realtors wanted their giving practices to remain quietly low key and anonymous,” Watt says. “As well, our members give a tremendous amount of time volunteering in their communities, doing everything rom coordinating the annual Realtor’s Care Blanket drive to coaching kids’ sports.

Vancouver Realtors Recycle Electronics

In a recent recycling effort, Greater Vancouver Realtors recently donated over 2,000 used electronics items to the Electronic Recycling Association (ERA), a non-profit organization that collects computers and electronics and recylces or refurbishes them for charities and community groups. All of the items received were given to the ERA and will be recycle for local schools, charities, non profit groups, libraries, elderly homes and other Greater Vancouver community organizations. “this event garnered an incredible response. Nearly 400 Vancouver realtors made drop-offs during the five days we offered the service,” said Dave Watt, president of the Real Estate Board of Greater Vancouver. Hard-drives, printers, and monitors wer the three most collected items, followed by mobile phones, VCRs and old stereo equipment. Four trips were a full-sized moving truck were required to pick-up all the accumulated items. Environment Canada estimates that computers phones, AV equipment and small household appliances account for more than 140,000 tonnes of waste in Canadian landfills each year.

Vancouver Realtor to lead Real Estate Institute

According to REW Newspaper, Vancouver Realtor Peter Remillong has been elected president of the Real Estate Institute of British Columbia’s board of governors for the 2008-2010 term. Remillong is a licensed Realtor and a director with the Real estate Board of Greater Vancouver. Other newly elected officers of the Real Estate Institute of British Columbia board include: vice president Peter Bretherton (BC Assessment), secretary/treasurer Don Ellis, and past president Scott Ullrich. New to the board of governors are Bonnie Knight with BC Assessment and Richard Wood of the Fraser Valey Real Estate Board. Both will represent the Fraser Valley District. The mission fo the REIBC or Real Estate Institute of British Columbia is to advance the highest standards in education , knowledge, professional development and business practises in all sectors of the Vancouver real estate industry. Professional members are accredited by the RI designation which recognizes their experience education and commitment to professional and leadership development in the real estate industry. For more information about the Real estate Institute of British Columbia or REIBC, and its members, visit the website www.reibc.org.

Real Estate Market Blamed for Housing Slowdown

New housing prices increased at their slowest pace in more than six years, with Vancouver’s year-over-year prices up only about half the rate of the national increase according to Metro Vancouver’s Andrea W. According to Statistics Canada report released yesterday, national contractors’ selling prices rose 3.5 per cent between June 2007 and June 2008, compared with the 4.1 per cent year-over-year real estate increase in May. Vancouver was up only 1.8 per cent. Neil Killips, economist for Stats Canada, attributed the slowing to a softening Vancouver real estate housing market. “We try to ask the builders why they increase or decrease their prices and they’ve been saying that there’s an increase in competition and the real estate Vancouver property market in general is slowing down,” he said. While Vancouver property price increases have been relatively slower, however, the Canada Mortgage and Housing Corporation (CMHC) reported yesterday that housing Vancouver property starts took a big jump last month. There was a 25 per cent increase in Vancouver homes going up than in July 2007, attributed heavily to higher density, multiple-family projects.

Choosing a Vancouver Home of Lasting Value requires Due Diligence

Buy smart and over time your Vancouver real estate investment will almost certainly appreciate. Whether you’re thinking of buying your first home or planning to move from one to another, your Vancouver home purchase is more than a place to live, it will probably be your biggest investment ever. And like any real estate investment in Vancouver, you want it to appreciate in value. Whether it does, and to what degree, depends a great deal on your own pre-purchase due diligence. Once you’ve considered the needs of yourself and family and know what you’re looking for, now is the time to consider the factors that will maximize the Vancouver home investment value of your home in the future – the day when you sell your home and move on. “I know people have heard this before, but it bears repeating: location is the single most important component in home value,” sayd Gary Marshall, VP Sales and Marketing of ParkLane Homes Vancouver real estate developers. “ParkLane pays meticulous attention to siting. That’s why we feel a well-lcoated community will appreciate in value over the ong term, especially as our products are matched to the neighbourhood and what home buyers want in a home.” ParkLane Homes will, for example, select a prime location close to services, shopping, schools, and transit that’s perfect for singles, young families and empty nesters, then build residential options to suit these demographics. Alternatively, ParkLane Homes may choose a premium Vancouver real estate site for an enclave of luxury presales homes where the location’s value is enhanced by prestigious amenities within the community or nearby. Either way, purchases of new homes are buying into the ideal fit for their needs and resources – homes that will have al asting appeal to them, as well as for future home buyers when the time comes to resell. To Gary Marshall, buying Vancouver homes smartly, also means buying now. “Timing is Everything. There’s a real window of opportunity that makes this the perfect time to make a move. Mortgage rates remain low and there’s lots of choice available.” But Marshall sounds anote of auction to these looking to buy build and finished products: The Lower Mainland’s real estate market has temporariliy slowed with fewer new home starts, which means existing Vancouver real estate inventory is going to get snapped up pretty quickly.” He adds, “So my advice is to get out there and start looking at what’s available. You shouldn’t rush into buying a new home, but don’t wait so long that the best is gone.” Once you’ve bought your home, Marshall says not to be concerned about small real estate Vancouver fluctuations. “The real estate market goes up, the market goes down… it’s a market. But when you’ve done your homeowkr, you mitigate th risk over the long term. If you’ve purchase a Vancouver residence in a master planned architecturally controlled community such as ParkLane’s Bedford Landing, Southport or Heritage Woods, values will most certainly increase over time.”

By seizing this window of opportunity to buy a new Vancouver home in a master planned community built with ParkLane’s legendary quality, you’ll not only enjoy and appreciate the wonderful neighbourhoods, but you’ll have the peace of mind of knowing that the lasting value is assured in your real estate investment. One of the largest and most recognized home builders in Western Canada, ParkLane Homes has built over 5,500 homes in beautiful master planned communities throughout the Greater Vancouver area and has won more then 250 provincial and national awards for their efforts. For more information, please visit www.parklane.com.

North Shore Real Estate Trends, North Vancouver Housing Market, Continued Redevelopment and Re-Zoning Plans for Central Lonsdale, Extra Foods Project

Taking Stock of North Vancouver Real Estate As Our Hot Propety Market Cools Off

Straight from the desk of ‘Architecturally Speaking’ by Kevin V and written for the North Shore News, this article dissects what is meant by the recent slowdown and decrease in North Vancouver property values. The crazy ride appears to be over. It only takes a quick glimpse at the North Vancouver real estate listings to see that the market is settling. The tanking housing property market in the U.S. mixed with rapidly increasing fuel costs and a general economic unease seems to be sobering our North Shore housing sales. It’s time to take stock of what we have and recognize the inevitable ebb and flow of the North Vancouver housing marketplace. From an architectural point of view, this slow down can be a good thing. A few years back I remember getting a frantic call from a contractor asking if I was absolutely sure that I wanted ¾ inch plywood on a given section of the roof. The prices of plywood were going up 25 per cent the following day and he needed to put in his order immediately. It was a crazy time. In the height of it all a cost consultant of mine suggested building costs were increasing at one per cent each month. We were struggling to give clients accurate estimates and to keep real estate North Shore projects on budget. It was hard to run a successful race when the finish line kept moving. Regardless of what North Vancouver housing prices do over the next little while, it’s important to realize what we have here on the North Shore real estate market. The three point adage for a successful business “location, location, location” holds true for us as well. The North Shore real estate is one of the most beautifu locales on earth with a mild climate, an astounding picturesque backdrop and a perfect position next to a world-class metropolis. If one compares our North Shore housing prices to equally striking cities like San Francisco or Sydney, one realizes that our real estate property market is a bargain. For the international buyer, we’re still a deal. The topography has limited our real estate development projects to the extents it has with a steep mountainside to our north and ocean on all other sides. It’s densification or no growth at all. “We live in a place where people want to live.” It’s my mantra when discussing the merits of a renovation or new construction. There’s tremendous value in the land we have on the North Shore market. As the real estate market settles, so too wil the construction industry. Material costs have already dropped in the wake of the slumping U.S. housing market and labour rates will surely follow. It wasn’t long ago that I struggled to find a good builder to bid on my projcts but now I’m the one getting the inquiring calls. I’m content with the direction of the North Vancouver housing market is going. I feel strongly that we’ve never been in the proverbial “bubble.” Our North Shore housing prices reflect the value of the place we live. The slowing trend will bring with it cheaper material costs and more competitive labour costs. The real estate industry will take a well-earned deep breath as everyone associated with it takes a little more time for the work at hand. The near future might not be a bad time to consider a construction project after all.

Slowdown in North Shore Real Estate Housing Sales Not a Concern, Say Realtors

According to the North Shore News, drop in North Shore property housing sales a minor correction only by Melanie K. Although Greater Vancouver’s housing market is showing distinct signs of cooling off, North Shore real estate home owners have no reason to worry – at least not yet – according to North Vancouver real estate agents. That the market is slowing down is evident in the figures from the region’s real estate board. In 2007, 73 per cent of houses listed in North Vancouver real estate and 63 per cent in West Vancouver sold, while this year it has dropped considerably: only 47 per cent of North Vancouver houses listed sold in North Van and 35 per cent of listings sold in West Vancouver real estate market. That stagnation has had an effect on prices – particularly in the last month. The median price of a detached house in West Vancouver has dropped nine per cent since June, from $1,538,000 to around $1,400,000. North Vancouver real estate has experienced a similar thing on a smaller scale, with the median house price slipping two per cent from $880,000 to $865,000. But to those in the real estate North Shore industry, this shift comes at no surprise. “We’re going through a correction process like we did in 1990. It’ll correct 15 to 20 per cent,” said realtor Brent Eilers. “I think this process will take a further six to 18 months, depending on how quickly the prices drop.” The correction in North Vancouver and West Vancouver real estate is inevitable after the meteororic price gains of recent years, said North Shore real estate agent Ray Proc. “Ever since Expo, the real estate market has been continuously going up, and after September 11, the market really took off,” said Proc. “Just about everything in West Vancouver has doubled in the past five years. It just can’t sustain itself.” The correction in the North Shore real estate market housing prices should be kept in perspective, however, said the real estate agents. Overall, North Shore prices are still higher than last year. West Vancouver’s rose 13 per cent between June of 2007 and June 2008 and North Vancouver real estate’s rose ten per cent over the same period. The slip is only “a temporary breather,” said Proc.

More about the Future of North Shore Housing Prices

And the North Shore real estate market is protected in contrast to other Lower Mainland municipalities because space here is so limited, he said. “What we have here is what we have. You can’t open up 350 acres like you can in Surrey real estate to keep the prices down,” said Proc. Realtor Alan Skinner agreed with that assessment. “The demand is still extremely healthy for the North Shore property market,” said Skinner. “We’re not into a tragic situation where people shouldn’t have bought last year. The North Shore real estate is kind of a microcosm in Greater Vancouver that is extremely special.” Skinner emphasized that this kind of real estate property market is good for North Shore buyers who can now take time to rationally reflect on making a good purchase decision. As long as the North Shore real estate is desireable place to live, the market will stay strong, he said. “We’re really bulletproof for our lifetimes and beyond.” For the time being, the best thing North Shore homeowners can do to protect themselves is to list their homes at prices that reflect the demands of the North Shore property market, said Proc. Doing so might help cut down the backlog of unsold North Vancouver and West Vancouver property currently on the market. “If people would be more realistic on their asking price, we wouldn’t have 550 homes for sale,” he said. To make sure they hit the mark, said Proc., North Shore home owners should “look at what sold, not what’s for sale.” In the end, the hardest hit are the realtors themselves, said Skinner. A drop in sales means a drop in revenue. After so many years of white-hot sales on the North Shore, many are not used to dealing with a slump. “the majority of the real estate agents on the North Shore haven’t experienced a correction,” said Eilers. Agents who are used to making sales easily are kicking up the most fuss, he said.

North Vancouver City Backs Off 10 Storey Condo Plan North of 17th Street

According to the North Shore News Heidi C writer, the City of North Vancouver had a 5-2 majority favouring further consultation regarding plans to build condo/mixed-retail/commercial high-rises north of 17th Street along Lonsdale Avenue. City of North Vancouver council has put the brakes on a density bonsuing scheme that would see residential apartment building height along Lonsdale Avenue top out at 10 stories north of 17th Street. The plan, coming out of Central Lonsdale Planning Study stakeholder group discussions that included key city staff as well as community members, sees a trade-off of one market-priced residential North Vancouver Lonsdale Avenue unit for every one rental unit built. In the case of non-profit housing the ratio would be three market units for each one non-market North Vancouver resience. The goal is to build up the City of North Vancouver’s diminishing rental housing stock, hard hit by aging buildings and high priced real estate. Instead, in a 5 to 2 vote July 21, North Van Council voted against changing the city’s official community plan for real estate development to advance the plan. First it wants further public consultation. “this decision does not need to be taken tonight,” said Coun. Barbara Perrault. “What’s the rush?” Condo Towers in North Vancouver’s Central Lonsdale district were never envisioned for the area north of 17th Street. Such a drastic OCP change needs more consideration, she said. “We need broader consultation beyond the stakeholder group with property owners, rentants and the real estate development community.” The stakeholder group was not unanimous in its proposal, with one dissenting voice strongly opposed to blocking views of the North Shore mountains from Lonsdale Avenue, said Perrault. “I believe what’s porposed here is quite radical a change,” said coun. Pam Bookham. “It is so complex and it is very controversial. I think people need to fully understand the impoications of these proposals.” For the redevelopment of the Central Lonsdale real estate district. She said she sould like to see a scale mock-up of the North Vancouver Central Lonsdale new building heights proposed in roder to properly envision what Central Lonsdale real estate district will look like.

More about the Redevelopment of Central Lonsdale Real Estate Corridor

This is an election issue, said Bookham, who hopes North Vancouver city council members take a stand and residents speak up through ballot decisions. Two significant issues, the future of Central Lonsdale real estate corridor and rental housing in North Vancouver city are mixed in this proposal, said Coun. Bob Heywood. “Looking at the rental housing stock situation, I’m really troubled with us trying to find the absolute solution to this in the City of North Vancouver, which has one per cent of the Metro Vancouver housing stock,” he said. “If you take every four level walk up in the city and go to three times the density, we’d come up with a very, very uninteresting city. And would we sovle anybody’s problems?” asked Heywood. “We already, in this North Vancouver City, have 53 or 54 per cent of our people in rental accommodation.” The argument between rental and strata ownership is moot, said Heywood. The cost to the individual is the same, he said. “It may be cheaper to own,” he said. Few City of North Vancouver home owner pay 30 per ent of their income for housing as do some renters, he said (referring to upscale rental residences not subsidized rental stock.) Heywood said he would support trying the scheme out on a single building first. City of North Vancouver council needs to be concerned about the loss of rental housing to market condominium North Vancouver real estate development, said Counc. Craig Keating. The real estate development on the southeast corner of 13th Street and Chesterfield Avenue is an example, he said. “that is the future, unless this council or the next council takes action,” said Keating. “And the only action I can say that we can do with the measly powers that municipalities have, is make the construction of rental and renewed rental units affordable and possible in this market place.” This one-for-one plan and three-for-one for non profits does that, he said. Both Keating and Major Darrell Mussatto voted in support of the OCP amendment. “the reality is the buildings are getting old,” said Mussatto. “We have very few tools to provide affordable housing rental housing.” Senior levels of government are not in the game, he said. “We need to use all the tools we can that the stakeholder group recommended and go forward with this. That’s being realistic,” he said. “If we’re going to look at some OCP changes let’s go forward with that. Let’s talk about how we are going to keep rental housing in our community.” The staff report noted that the limitation to 10 stories may be economically restrictive and insufficient to cover building costs along the redevelopment of the Central Lonsdale real estate corridor. It’s on the point that Counc. Sam Schechter said he wanted further public discussion that a policy committee meeting would provide. The height limitation ay be too conservative for Central Lonsdale he said. Forty two per cent of North Vancouver’s rental housing stock is in Central Lonsdale. Most of the rental apartments are between 20 and 60 years old. The North Vancouver City rental housing stock is shrinking as it losses rental housing to redevelopment.

North Vancouver City Sends Extra Foods Real Estate Redevelopment Proposal to Hearing

By Heidi for the North Shore News. The redevelopment of the Extra Foods site at 17th Street and Lonsdale Avenue passed another stepping stone July 28th when City of North Vancouver council sent the real estate redevelopment of this North Vancouver site to a public hearing. The Extra Foods real estate site plan calls for replacing the existing 25,000 square foot store with one approximately twice the size almost 200,000 sq ft of residential apartment development. In December 2007, City of North Vancouver council approved a height variance of up to 40 feet above what is allowed in the official North Van community plan and some density bonusing for the current Lonsdale North Vancouver Extra Foods site. The real estate proposal sent to hearing is 240 feet in height – 60 feet above the OCP limit. Staff point out that is no higher than the proposals on the table from the Central Lonsdale Planning Study of North Vancouver real estate rezoning and redevelopment. Council hopes the real estate development will contain community amenity space, a publicly accessible open space and the potential for up to 10,000 or 12,000 square feet of affordable housing for North Vancouver City. The new real estate building at Extra Foods will be connected to Lonsdale Energy Corporation’s heating system. A large underground parking lot will also be created at the Extra Foods proposal for redevelopment. The entrance and exit to the parking and the potential for pedestrian/vehicle conflict, is so far the only point in Loblaw’s real estate development proposal to catch some council criticism. Extra Foods retailer proposal for their North Vancouver Lonsdale property site calls for right in, right out vehicle access across the east side of Lonsdale Avenue sidewalk into the underground parking. Site access is critical to the store’s reopning, Dallas Wingerak, director of real estate development of Loblaw Properties, told council on July 28th.

More about the Redevelopment of Central Lonsdale Real Estate

During the anticipated 18 month closure Loblaws expects to lsoe some customers, she said. “What we need to do when we reopen the store is ensure that the store is designed in such a way that everyone we lost is welcome back into the store,” she said. In addition to the traffice for the proposed rezoning and re-develompent of the Extra Foods North Vancouver real estate site, impact study done by Bunt and Associates Engineering, which supports the Lonsdale acess option, Loblaw’s commissioned a third party independent traffic impact study through Opus Hamilton, a transportation planning and engineering firm. That study also showed improved overall traffic safety with the right in, right out alignment. It relieves pressure off of 17th Street. Moreover, there’s several examples of successful similar access situations throughout Metro Vancouver said Wingerak. “Our commitment to the City of North Vancouver in developing this Extra Foods site is that the brand new 40,000 square foot modern food store will continue on a very attractive price offering, as a price leader on the North Shore. We believe this real estate development is well aligned with the city’s goals for Central Lonsdale in becoming a great pedestrian environment and that it will be a highly successful anchor in the Central Lonsdale area,” she said. According to the City of North Vancouver engineering report, staff don’t fully support the Lonsdale Avenue option for a number of reasons. These include a city policy to eliminate driveways across Lonsdale – currently vehicular access off Lonsdale Avenue is prohibited except for service station use. Also the City of north Vancouver real estate transportation plan identifies Londsale as a pedestrian precinct and vehicle access across the sidewalk would detract from the city’s goal for a pedestrian friendly streetscape. The public hearing for the redevelopment and rezoning of Extra Foods int eh real estate corridor of Central Lonsdale in North Vancouver property is scheduled for September 8th.

Building Awareness in North Vancouver Central Lonsdale Real Estate Rezoning Plans

As with any change to a community, the development proposal for the City of North Vancouver’s Extra Foods rezoning site will no doubt meet with hostility from many Central Lonsdale residents according to the Viewpoint in the North Shore News. If and when the condo towers start to rise at the corner of 17th Street and Lonsdale Avenue in the North Vancouver Central Lonsdale real estate corridor, there will be griping about the loss of views, increased traffic, pedestrian safety issues and the impact on neighbourhood character. But to those affected by the real estate rezoning Central Lonsdale Extra Foods North Vancouver project: understand that you have the opportunity now – before the first brick has been laid – to influence the outcome. On Monday night, city council of North Vancouver will be holding a public hearing on the matter of the rezoning of North Vancouver’s Extra Foods site in the Central Lonsdale real estate redevelopment plans. Councillors will be gathering input and deciding whether to allow the rezoning project to go ahead. The questions they will be addressing are not small. The proposal for the rezoning of the Central Lonsdale Extra Foods North Vancouver real estate site calls for the existing supermarket to be replaced with one twice the size and a 240 foot high residential condo building – 60 feet above the OCP limit. It will likely include public amenities, a significant amount of affordable housing and an underground parking garage that opens on to the Lonsdale Avenue sidewalk as part of this rezoning of Extra Foods Central Lonsdale site. This is not to suggest the North Vancouver redevelopment project should necessarily be viewed as bad, but it will unquestionably be a significant change to the Central Lonsdale real estate corridor. Municipal meetings are notoriously under-attended, but municipal decisions are met with no shortage of complaints. Now is your chance to make your concerns known ahead of time about the redevelopment of the North Vancouver Extra Foods Central Lonsdale rezoning site, when they can actually have an impact. Grumbling after the fact will be of little value to anyone.

City of North Vancouver Approves Extra Foods Central Lonsdale Condo Tower

A great article on the most recent developments regarding the re-zoning of the Extra Foods site in Central Lonsdale North Vancouver real estate by Stephanie for the North Shore News. Nearly two years in the making, a controversial plan to redevelop Extra Foods site at 17th Street and Lonsdale Avenue was passed by City of North Vancouver council after a crowded Monday night public hearing. Council voted 6 – 1 in favour of rezoning this Central Lonsdale North Van property site that will result in roughly 200,000 square feet of residential real estate development and the replacement of the existing 25,000 sq ft grocery store with one nearly double its size. A 240 foot Central Lonsdale North Vancouver condo high-rise will top OCP height limit by 60 feet. Council’s approval will allow the residential condominium high-rise to reach 240 feet, again about 60 feet above the present City of North Vancouver official community plan limit. Several speakers at the overflowing public hearing said they were opposed to amending the OCP and drastically changing the Central Lonsdale North Vancouver real estate skyline. “I am really glad to see some sort of configuration of the 17th street… but I am very disappointed about the ehgith of the building,” said Gloria Atkinson, a local resident for 59 years. “I feel that is (a height increase) is approved by council, where does it end? We are the North Shore please keep us distinct,” said Atkinson. “We don’t want a concrete jungle.” Other speakers about the Extra Foods rezoning plan for City of North Vancouver real estate in Central Lonsdale condo high-rise said they were concerned that Council members were jumping too quickly at the opportunity to secure affordable North Vancouver housing in exchange for an increase in density and height for the North Vancouver real estate developer. The City of North Vancouver will receive approximately 8800 sq ft of non-market North Vancouver rental housing from the joint venture between owner Loblaws and real estate developer Anthem Properties. A decision on how the condo suites and rental housing in North Vancouver’s Central Lonsdale extra Foods site, possibly 12 to 13 in total, will be managed is yet to be made by city council. Ken Hawthorne, a Lower Lonsdale resident, called the process a “total destruction of the official community plan in the neighbourhood in the name of affordable North Vancouver housing. “I hear people say, from council that (the North Vancouver OCP) is a guide. Well, if it’s a guide then why isn’t it called a guide? It’s an official community plan,” he added. It was the issue of North Vancouver affordable housing, however, that caused several speakers, some of whom wore green placardsthat read GO! Redevelopment of Extra Foods, and members of council to support the Central Lonsdale real estate development. “I commend a development like this that allows people to work downtown and live in the Central Lonsdale area,” said resident Blaine Barden. He said this type of residential North Vancouver real estate development allows people to get “a foothold in the market.” Councillor Sam Schechter also supported the proposal, citing concerns over a lack of rental housing in North Vancouver. “Senior governments aren’t playing the game of providing affordable, subsidized housing,” he said. “We should deal with these issues; we should tackle them head on.” Councillor Barbara Perrault agreed. “A lot of young people who have grown up here cannot live here anymore. This will give them a leg up to find housing here,” she said.

Height Bonus for the Extra Foods Condo High-Rise in Central Lonsdale Nets Non-Market Rental Units for North Vancouver

The Central Lonsdale real estate development includes a green roof (among other sustainable initiatives), a publicly accessible plaza area and an underground parking garage which conists of right in, right out parking access on Lonsdale Avenue. The current Extra Foods site has a right out ext on Lonsdale Ave. Concerns on how this change will affect traffic and pedestrians were raised several times by speakers from the Central Lonsdale North Vancouver community. “(Allowing this access) flies in the face of what council has been working to achieve,” said William Caulfield, who lives and works in the area. “Loblaw’s proposal is unsafe for pedestrians and unnecessary.” The City of North Vancouver’s existing policy has been to eliminate driveways across Lonsdale sidewalks and to develop the avenue as a pedestrian friendly streetscape. But Dallas Wingerak, director of North Vancouver real estate development for Loblaw Properties, told council that the Lonsdale access is critical for the store to regain customers when it reopens. “When we’re looking at a decision where we will close a store that is profitable for 18 months and build a more expensive store that doesn’t have what we deem to be successful access, ti becomes a very difficult decision for us,” she said. A traffic impact study conducted by Bunt & Associates Engineering supported the Lonsdale access option. So also did a second traffic study, commissioned by Loblaws, through Opus Hamilton, a third party independent firm. Both studies on the Extra Foods rezoning and building of the new condo high rise Central Lonsdale tower in North Vancouver real estate show improved overall traffic safety by relieving pressure on 17th Street. However, in a July 22 report to council, city staff recommended against the Lonsdale access chiefly because of pedestrian concerns. Councillor Bob Heywood voiced concern over the potential for vehicular and pedestrian conflict. He said, however, that if Loblaws was willing to conduct safety audits and continue to improve the right in, right out access after the North Vancouver real estate project was complete that he would be more inclined to support it. Loblaw’s Wingerak said working with the city of North Vancouver on safety audits had already been discussed. Councillor Pam Bookham, the only councilor to vote against the Extra Foods Central Lonsdale rezoning proposal said there are too many unanswered questions as to how the city’s non market housing will be managed. “When we look to use density bonusing as a tool, we need to be able to explain to the community the benefit that we see,” she said. “Judging by comments made tonight [the community] has not received the answers they were looking for.” Anthem Properties says it will take 2- 3 months to develop a construction schedule for the rezoned Central Lonsdale Extra Foods North Vancouver condo tower development. Building should take 18 months.

Scaled Down Extra Foods Central Lonsdale Condo Tower Wins North Vancouver Council Approval – October 2008

An article from the North Shore News by James W updating the status of the approval of the condominium tower residences at the existing Central Lonsdale Extra Foods site. Central Lonsdale real estate corridor will be getting a new condo tower after all with the decision by City of North Vancouver council Monday to give the proposed Extra Foods site redevelopment property the green light. From an earlier proposal that was shot down by city countil regarding the overheight portion of the condo building, the new Extra Foods condo building tower will only be one hundred and eighty feet or fifty five metres as opposed to the originally proposaed and passed 240 feet or 73 metre high-rise Central Lonsdale North Vancouver condo tower. The drop in height puts this North Vancouver real estate development within the limits of the official community plan, which caps construction of condo high-rises at about 18 stories, but also comes at the expense of a number of below market rental units and affordable housing suites in addition to community amenities that were part of the original proposal for this North Vancouver Extra Foods Central Lonsdale real estate site. Bypassing a total of $6 million dollars in development for North Shore affordable housing units, the city council gave way to the construction of a market value condo North Vancouver tower. The original planned proposal was for a 25,000 sq foot Extra Foods store to be converted into a massive new 200,000 square foot grocery store, 24 storey residential North Shore condo tower that would have been 60 feet over the allowable height under the existing Official Community Plan of North Vancouver real estate. With this added height, the developers were asked to build about 8,800 square feet of affordable housing in the form of below market rental suites for the Central Lonsdale property market in addition to a public plaza. However, all changed on October 6th, when the city council reversed course and the building proposal had to be amended from there. With community opposition to this North Shore condominium tower, the voices were heard somewhat. Now, in October 2008, it is a done deal with the height reduction in the market value North Vancouver condo tower at the Extra Foods Central Lonsdale site in addition to a reduction in the non market rental units. Whichever side you are on, there are certainly benefits and disadvantages to this passed proposal.

North Shore Real Estate Update August 2008 – Property Value Correction Does Not Mean Disaster

Reading some commentators one might believe that “Chicken Little” was too great an optimist. No, an adjusting real estate market on the North Shore is not a disaster – like strenuous exercise, some discomfort does lead to a healthier, sickness-resistant organism. Indeed, an anxious seller on the North Shore property market may well be “giving back” a little to a canny home buyer or do we as a society favour existing property owners over those wanting to buy? I do know thought hat it is cold comfort for the August 2008 seller to hear that the March 2008 seller did well with 10% of the stress in the North Shore real estate market. This is according to the Allan Skinner editorial in the North Shore property newspaper, the most trusted news source for trends in the North Vancouver and West Vancouver real estate market. You can visit www.OnTopOfTheMarket.ca for more information or you can get an email version of these updates by requesting them from alanskinner@shaw.ca or calling 604.988.7368. These are highly recommended to North Shore home buyers and sellers. How to deal with today? Fact, lots of North Shore property on the market. The figures below show West Vancouver real estate inventory up over last year by 50 to 80% and North Vancouver property up over double in all North Shore real estate segments. If one has to sell, accept (i) that the North Shore property will sell for less than it would have 4 to 6 months ago and (ii) that nay real urgency to effect a sale may dictate a further reduction. Appropriate asking price and North Shore property condition are the key to achieving the speediest an dhighest sale result. Consider the following- if one North Shore property were selling on average every 5 days and there are 110 on the real estate market (ignoring new listings) that would mean that the North Shore inventory for property sales will be fully sold in about 1.5 years! If one has truly the average home, in average condition , in a middling location, it could take approx 9 months – hardly an exciting prospect! One has little control over one’s existing location but condition and price are “adjustable”. The buzz word for “sale condition” is now “staging” – a concpt which may connote something distatesful for some as in creating an illusion for increased sales price of North Shore real estate property. True condition is fortunately hard to fake. We are no longer in a phase (seller’s market) where anyone could say “I have a property to sell… it’s a bit rundown, but since the demand is so high (and supply low)… you’ll have to take it as is.” Remember, the well maintained and well presented North Shore property real estate will be easier to sell than the West Van and North Van properties where work has to be deferred. For the North Shore home buyer, the time is now to start looking seriously – no pressure to complete, time to consider rationally and a significant breadth of supply. Work with an experienced Realtor who has encountered this sort of real estate market on the North Shore and remember that Calgary’s 7100 detached home investory end of May ’08 became June ‘08’s 6500. Now si the time home buyers on the North Shore real estate market! The commend has been made – “why would it be called a buyers’ market if so few of them are making the decision to buy!” Predictions – continued leveling off of values this year and (I agree with CMHC) some increase in values once 2009 rolls around. Now the sevent months 2008 figures versus 2007 – North Vancouver real estate detached homes sold down 20% from last year, attached townhomes down 19% and apartments down by 21% from 2007. Detached average North Vancouver home prices +15% and inventory now up by 105%. Average prices up 8% townhouses and up by 12% for apartments. Inventory for North Vancouver townhomes is up 110% and apartments are up 107% - both of these continue to affected by slower absorption of new construction properties. While there still is demand, continuing high investory will maintain a tempering of sales prices – continuing of the plateauing. West Vancouver real estate market – detached number of sales has dropped by 25% from 1007. Average price of West Vancouver homes is up 7% and inventory is now up 85% over 2007. On the condo side, attached townhouses sold are marginally up over 2007 by 5% and average price down 10% YTD. Active listings are now 57% over last year and apartments reflect 96 sold versus 128 by July 2007. Overall North Shore real estate demand still evident with inventory remaining higher.

The North Shore Real Estate Market – The Land at the North End of the Lions Gate Bridge

A great article in the Home Renters Guide is all about apartment rentals and condos for rent on the North Shore that consists of North Vancouver (District and City) as well as West Vancouver and the outlying municipalities. Visitors to Vancouver are often told, “if you want to head north, just look for the North Shore Mountains,” unless of course the rain is obscuring the horizon, but that is another story. Huddled againt these inspring mountains, the three municipalities of the North Shore real estate market sprawl along the Burrard Inlet shoreline from Indian Arm ont eh east to Howe Sound on the west, and travelling through this diverse region reveals subtle and also major differences. The mountain wilderness which is the North Shore real estate’s forested backyard defines its character and speaks eloquently of its pioneer past, and of the First Nations who have called his land home for millennia. If you are looking for North Shore rental apartments or condos for rent in North Vancouver or West Vancouver, now is the time as vacancies are so low and not many new rental housing units are coming to the market anytime soon. Occupancy is usually near or at 100% especially in the City of North Vancouver complete with its excellent transportation system and idyllic location. Our trip starts at the historic birthplace of the City of North Vancouver in Lower Lonsdale rental condo market. Here the lumber industry was established on the North Shore of Vancouver in the 1860’s and soon families were settling around this bustling centre of industry and creating fledgling Lower Lonsdale North Vancouver rental communities that ultimately would become the municipalities of the North Shore real estate district. Small clusters of dwellings soon were scattered along the North Shore shoreline towards Horseshoe Bay in the west. Named Ambleside, Dundarave, and Hollyburn, these formed the nucleus of present day West Vancouver North Shore real estate rental market. To the east, the future of District of North Vancouver streteched towards Indian Arm.

The North Shore is a land of superlatives according to this Homebase Media article. The soaring snow-capped peaks of Grouse Mountain, Seymour Mountain and Hollyburn Mountains, here skiers and back-country enthusiasts explore the wonder of winter sports and summer hiking, are literally at Vancouver’s back door and the Coastal Mountain Ranges fo the North Shore real estate market. Grouse Mountain’s cable car chairlift operates all year, and this major tourist attraction is visible from the most palces in Vancouver. At the peak, you can tka eyour pick from skiing, hiking, helicopter trips, paragliding, lumber sporting events, and fine dining. West Vancouver real estate’s Cypress Bowl on Hollyburn Mountain also offers skiing with cross country trails forming a network through the mountains. Further east, Mount Seymour has its share of outdoor enthusiasts who enjoy exploring the mountains that overlook Indian Arm real estate in the North Shore. Whether you enter the North Shore real estate market over Lions Gate Bridge or the Iron Workers Memorial Bridge, or from the Seabus which darts across the harbour from Vanocuver, you can expect to find recreation, entertainment, and shopping: in fact, you may wish to stay. Lonsdale Quay in Lower Lonsdale North Shore real estate is similar to Granville Island, with its maritime ambience and endless array of shops and tantalizing foods to choose from. The Lower Lonsdale North Shore area around the Quay is steadily growing and undergoing revitalizing, with beautiful new rental condominium complexes and restaurants which have transformed the streetscapes of this energetic area. The adjacent Versatile Shipyards is currently being rezoned into a major waterfront North Shore real estate development with 1.6 million sq ft of residential/commercial and institutional use. The City of North Vancouver real estate, the smallest of the three North Shore municipalities is staunchly proud of its heritage and its independence.

More about the North Shore District of North Van Real Estate Rental District
The District of North Vancouver real estate on the North Shore of Vancouver with its wealth of natural wonders like the 250 hectares of Lynn Canyon Park with its suspension bridge, roaring toreents, and tranquil forest trails, offers neighbourhoods with woodland splendour. Deep Cove rental apartments and condos on its eastern boundary is a peaceful seaside village with a Mediteranean feel. Restaurants, boutiques, and funky stores makes this popular destination, and Panorama Park in Deep Cove and Beach is a favourite hangout for sunlovers, and kayaking and canoeing enthusiasts on the North Shore rental real estate market. A truly amazing way to explore the length of the North Shore real estate district from Deep Cove to Horseshoe Bay is along the rugged wilderness Baden Powell Trail which winds through wild terrain for 41 km. For an awe-inspiring experience, the Capilano Suspension Bridge which soars 230 feet above the Capilano River takes visitors across a numbing 450 foot span. While you are in this North Shore real estate district, visit the Cleveland Dam which is also on Capilano Road, nad thrill to the spilling waters from Cleveland Lake which course over the dam. This is a fine place to admire the peaks of The Lions in the distance, which provided Lions Gate Bridge with its name.

About the rental West Vancouver property market and what to expect
The waters of the Capilano River which flow into the sea beside famous Ambleside Park form West Vancouver’s eastern boundary in real estate North Shore. This recreational mecca offers white beaches, the start of the seawall which extends along the waterfront to Dundarave, playing fields, wonderful French fires at the conseccion, and views across to Stanley Park, the Lions Gate Bridge and as far as Spanish Banks and the Endowment Lands of UBC. The rental apartment market for West Vancouver North Shore real estate has no industrial lands and has developed into a mainly residential community sparkling with seaside parks, fine shopping and some of the most expensive real estate in Canada. High on the mountainside overlooking this North Shore real estate enclave of wealth and natural beauty, the millionaire mansions of the British Properties creep up the hillside, reminding us that the Guiness family, who built the Lions Gate Bridge, also developed this incredibly expensive tract of North Shore real estate. Cocooned between mountains and the ocean, the North Shore real estate rental market has roged its own distinct identity and provides a scenic backdrop for visitors to the City of Vancouver to enjoy. This is a fine place to admire in the distance, the peaks of The Lions, which provided Lions Gate Bridge its name.

A Tradition of Sound Advice from Brent Ellers Prudential Sussex Realty on the Facts of the North Shore Real Estate Markets for West Vancouver and North Vancouver

Brent Ellers is a Diamond Medallion Club 2007 fro 19 years now and is trusted North Shore real estate agent who has given advice based on factual information to prospective buyers and sellers in both North and West Van. The experience to inform and the confidence to advise focused on results only. If you are considering a move in 2008, Brent Ellers would like to invite you to call him for a private consultation on the current North Shore real estate market conditions. For 25 years now, he has consistently been one of the North Shore’s most successful realtors providing professional advice, outstanding personal service, and achieving prompt results! Your North Shore home is your most valuable asset, get properly informed so call 604.984.9711 for North Vancouver real estate market conditions or 604.925.2911 for West Vancouver inquiries or visit www.prudentialsussex.com. What you need to know – the Factual Summary: Since January 1, 2003 the average prices for detached single family houses have risen 141% in West Vancouver real estate and 121% in North Vancouver property market (the previos 8 years from 1994 to 2002 saw only a 21% increase in total). For the last 5 years total detached North Shore family homes have falleneach year from 2225 in 2003 to 1887 in 2007. In 2989 we had 3283 sales (Currently we are on pace for approximately 1450-1500 in 2008). Record or near record interest rates from 2002 to 2007 as well as very liberal bank lending policies provided a much greater than normal borrowing oppoortunities for homebuyers on the North Shore. Inventory levels in West Vancouver and North Vancouver real estate markets fell to historic low levels from 2003 to 2007 providing for an outstanding sellers market. Inventory levels for North Shore real estate are now up substantially compared to the same time last year, up 126% in North Van and up 81% in West Van. This is providing a much more selection for home buyers. Conclusions: In the past 5 years plus, North Shore real estate sellers have capitalized on a unique supply/demand relationship. New initiating North Shore home buyers have paid strong prices due primarily to a lack of choie. Rising North Shore inventory levels in housing are now providing new home buyers the opportunity to purchase properties that represent the best value. Prices will adjust to account for that interpretation of value. The number of North Shore real estate housing sales will increase when the sellers price expectations get in line with the home buyers capacity to pay in both West Vancouver and East Vancouver. Your home is you most valuable asset. Make sure you are properly informed in this new North Shore real estate market. Mis-information could cost you money! His personal attention to all aspects of the selling process means that his invaluable experience, knowledge and negotiating skills are available to you at all times. If you desire knowledge, security and most important results in the North Shore real estate market, call Brent today!

North Vancouver Lawyer Charged in $30 Million Housing Mortgage Scam

Law society says 77 homebuyers in North Vancouver and the Lower Mainland affected according to North Shore News writer Bethany L. After a six year investigation, a former North Vancouver lawyer is headed to court to face charges on an alleged housing mortgage scam valued at more than $30 million. Martin Wirick was arrested on Tuesday at local business Koko’s Gourmet Pet Foods, where he has been working since he resigned from the Law Society of B.C. in 2002. Former real estate developer Tarsem Singh Gill, a Vancouverite, was arrested on the samd day in connection with the frauds. The two men are charged with two counts each of fraud and theft against 77 North Vancouver home buyers, and two further charges against lenders in 30 separate transactions. Wirick faces further charges of uttering false documents, and Gill has been charged for possession stolen property. A joint investigation headed by Vancouver police and the RCMP’s crime section into the pair began in 2002, when Wirick was disbarred after the law society learned that he had allegedly been misdirecting funds to Gill. According to the law society, Wirick first began misdirecting homebuyer mortgage clients’ money in 1999, when he was working for Gill, a Vancouver real estate developer. His duties included collecting funds for down payments and mortgages, but instead of using that money for its intended purpose, he allegedly misdirected it to Gill and his companies. Gill then used some of that money to pay off a portion of the mortgage debts so that they wouldn’t default. According to the law society, Wirick told home purchasers that mortgage discharges could sometimes take up to six months to appear, in order to delay their suspicion. Then push came to shove, the law society claims, Wirick would redirect funds to secure a discharge, but occasionally, he would even forge discharge documents. The alleged misdirections weren’t discovered until 2002, when he was cited by the law society for two fraudulent transactions. Since then, the law society has paid out $38.4 million in compensation in response to claims from people affected by the alleged scam. Between 1986 and 2001, the law society paid a total of $5.2 million in compensation to clients defrauded by lawyers – about one seventh the amount reimbursed to Wirick’s alleged victims. In order to repay bank lenders and homebuyers, the law society had to remove its annual cap on compensation payments. Since Wirick’s alleged misdeeds were uncovered, the law society says that it has made changes to the reporting guidelines in its trust assurance program. The rules for handling trust funds and filing audits have also been tightened up.

North Shore Real Estate Trends and Housing Value Predictions - Metro Vancouver Real Estate Prices Should Moderate through to 2009

House Sales Slow Across North Shore Real Estate

High supply makes for home buyers’ market according to Deneka of the North Shore News. After years of favourable conditions for home sellers, the North Shore real estate market appears to be giving buyers the upper hand, according to a new report issued by the Real Estate Board of Greater Vancouver. Multiple Listing Service figures released by the board last week show that sales for both North Vancouver and West Vancouver real estate housing in June were down from the same time last year, while listings were up. The percentage of sales-to-listings for detached homes in North Vancouver last month was 28 per cent, while in June 2007 that figure stood at 93 per cent. In West Vancouver housing market, the percentage was 29 per cent last month and 64 per cent for the same time last year. For several months now there have been signs of moderation in the British Columbia home market as demand has eased off from the highs of last year, explained Cameron Muir, chief economist with the B.C. Real Estate Association. The North and West Vancouver housing real estate market has been rebalancing itself from the high demand state, and now there is actually higher supply than demand, meaning the property market is now favourable towards homebuyers.

“More balance between demand and supply means less upward pressure on home prices. It also reduces the chance of multiple bids on the same house in North or West Vancouver property, giving homebuyers more time to investigate properties thoroughly before purchasing,” said Muir in a recent press release. “This is probably a long-anticipated, realignment of the market,” he added in an interview. The B.C. Real Estate Association forecasts that residential sales for the Greater Vancouver area will fall by eight per cent his year, from 38,978 unit sales last year to 25,900 for 2008. They anticipate that in 2009 sales will again drop by three per cent for the area to 34,800 sales. Yet despite the fact that salese are dropping, home prices are not, explained David Watt, president of the Greater Vancouver Real Estate Board. According to the Board’s recent report, overall prices in the Greater Vancouver area were up 7.3 per cent in June compared to the same time last year, bringing the average residential property selling price to $564,982 last month.

In North Vancouver real estate housing market, since June 2007, the benchmark price of a detached home increased by 4.7 pe cent to $893,639, the average attached home price increased by 8.1 per cent to $608,225 and the average condo price rose by 4.4 per cent to $386,212. In West Vancouver housing real estate market, over the past year, detached home prices have risen by 0.9 per cent to an average of $1,428,139 while the average attached home price increased by 4.9 per cent to $719,783 and the average condo selling price was up by 6.9 per cent to $711,268. BCREA expects the rpcie increase will continue, but at a slower pace than the double digit increases seen over the past several years. According to their spring 2008 housing forecast, the association predicts that overall MLS selling prices for the Greater Vancouver area will rise by nine per cent this year to an average of $621,000 and will increase by an additional five per cent next year to $651,000. Lower year-over-year increases are a result of the rebalancing of the real estate market, said Muir. With more homes on the market in North and West Vancouver housing market, sellers need to be more educated and need to price their homes at reasonable prices so that their houses will sell. Homes that have been on the market for some time and that have been listed in anticipation of continued rising prices may have to re-evaluate their pricing, he said. “Although housing prices, on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today,” Watt said in the press release. However, lower listing prices do not mean that home prices are decreasing, he explained in the interview. “It’s not even that prices have gone down, it’s just that they aren’t marked up,” he said.

Here are some updated North Vancouver MIRA resales condos in Lower Lonsdale re-sale real estate market at Mira on the Park townhomes.

With the North Vancouver housing market and West Vancouver real estate taking a downturn south of the border, many Canadians have grown wary that Canada will suffer the same fate as the United States, but comparing the two industries is a far stretch, said Gregory Klump, chief economist with the Canadian Real Estate Association. The U.S. housing market experienced extremely rapid price increases and poor lending practises which has now resulted in price corrections, he said. In Canada, on the other hand, price increases of the magnitude seen down south did not happen and Canadian lending always remained conservative, so a real estate market crash in Canada is not likely, he said. “We don’t see a crash on the horizon, we see it returning to normal levels,” he said. Some areas in Canada, however, have seen falling sales prices, according to a summer 2008 report issued by BMO Capital Markets. In Calgary, prices are down 2.4 per cent since last year and in Edmonton, prices have dropped by 4.8 per cent. Prices are also expected to drop in Saskatchewan, said Michael Gregory, senior economist with BMO Capital Markets. British Columbia, on the other hand, did not see the major price mark-ups seen in Alberta and Saskatchewan, and so B.C. remains in good shape, he said. “the rate of price increases will slow, but it (B.C.) still has a pretty strong economy,” he said, adding that he predicts, “a soft landing, rather than a collapse.” A report issued by Landcor Data Corporation at the end of last month shows that some areas in British Columbia are faring better than others.

In 2001, sales values in the province totaled $19 billion; last year they totaled $62 billion and at the end of this year, the rate is expected to be over $61 billion, explained Rudy Nielsen, president of Landcor Data Corporation. “Things are cooling but things aren’t bad,” he said. “Overall, I look at B.C. as very positive,” he added, explaining that the province has great natural resources, good tourism and a high quality of life. Even in places where prices may decrease, he says homeowners just need to wait it out because prices will again increase. He said he expects the cooling period to only last two or three quarters before turning around next year sometime. As for the North Shore real estate market specifically, Watt said he believes it is secure and, if anything, real estate in North and West Vancouver will become more desirable as gas prices rise and people look at living in areas that are closer to the city core.

House Prices Start To Sag – North Vancouver Realtors Predict “Soft Landing”

An article written by Jeff for Black Press of the North Shore Outlook Newspaper. Real estate prices have begun to slip in some parts of the Lower Mainland. The cooling trend comes as realtors report high numbers of prospective sellers. “Real estate is cyclical and the numbers show that we’ve entered a buyer’s cycle,” said Kelvin Neufeld, president of the Fraser Valley Real Estate Board. Prices are still up by at least single digits year-over-year, but the stats indicate most cities saw prices peak sometime int eh second half of 2007 or early in 2008 and some areas have since been trending lower. In the Fraser Valley, the typical single family house fell by 0.3 per cent in price in the past 3 months, while apartments were up 0.4 per cent and townhouses rose 1.6 per cent. The Greater Vancouver Real Estate Board reported its benchmark house price fell about $6,000 in June to $765,000, but that’s still up seven per cent from a year ago. Condo and townhouse prices are also down marginally in the past month. Detached houses in White Rock, Port Coquitlam and Burnaby fell more than $20,000 in price since April, the stats show. The biggest drop so far has been in West Vancouver, where detached houses fell more than 10 per cent in price in the last two months, from just under $1.6 million to $1.43 million. West Van house prices there are now up only 0.9 per cent year-over-year. “We’re experiencing a soft landing coming off the strongest and longest real estate cycle in our history,” Neufeld said. Sales are down sharply from a year ago across the region. New listings, meanwhile, are up and the number of unsold homes is rising. Realtors say sellers are in some cases having to moderate their expectations of how much they will get for their properties. We are beginning to see more price reductions in properties listed on the market today,” said Greater Vancouver Real Estate Board president David Watt.

Metro Vancouver Housing Market Moderates in 2008 and 2009, says the current release by Canada Mortgage & Housing Corporation.

Strong economic and demographic fundamentals, steady job growth and population growth, along with continuing low mortgage rates – will support demand for new and resale Vancouver housing. However, softening consumer sentiment and high mortgage carrying costs will temper the effects of these positive factors, dampening home buyer demand in Metro Vancouver.

New Vancouver Home Construction and MLS Sales Will Dip Slightly, but say high from a historical perspective for the remainder of the year and through 2009. Vancouver home prices will rise, but at a slower pace than in the past few years, as an increasing supply of both new and existing homes for sale give Vancouver home buyers more choice and more time to make their purchasing decision.

MLS Sales in Metro Vancouver Real Estate Will Come Down off the Near-Record High Reached in 2007, but stay well above the ten year average of 31,000. Strong Vancouver home buyer demand, fuelled by job growth, and a steady flow of people moving to the region will keep sales brisk. However, waning consumer confidence and high mortgage carrying costs will constrain Vancouver home sales. MLS sales will dip eight per cent to 36,000 units in 2008, and a further three per cent in 2009 as mortgage rates start to creep up. The main factors tempering Vancouver home buyer demand will be high home prices and softening consumer sentiment. With the average resale home price in Metro Vancouver at more than $600,000 and still rising, some potential homebuyers will opt to delay their purchase. Some low equity and first time home buyers could find it difficult to negotiate a mortgage with achievable monthly carrying costs, in spit of low mortgage rates. At present active listings sold is around 25%, which is the amount that divides a Vancouver sellers market to a balanced market.

The Supply of Vancouver Resale Homes on the real estate market will grow as homeowners look to capitalize on the home equity build up resulting from four straight years of double digit home price increases. The decision to sell may take an added urgency in light of the Vancouver housing marketing downturn int eh US. In the first quarter of 2008, the average number of active MLS listings for sale in Metro Vancouver increased nine per cent p=compared to the same period last year; with the supply condominiums for sale increasing more than other home types. At the end of the first quarter there was a five month supply of Vancouver homes on the real estate market, up from four months. Over the last 10 years, the highest supply was in 1995 when it was at 12 months.

Home Building Will Be Robust: new home construction in the Vancouver real estate area will be near historic highs this year and next, but will dip slightly compared to last year’s swift pace. Some moderation in new Vancouver home building will be due to an easing in demand for new pre-construction homes as homebuyers are able to meet their housing needs int eh better supplied resale market. Secondly, tightening credit conditions for Vancouver real estate developers may make it more difficult to secure financing for new multi-family projects. Home starts will decline 8% this year, and a further 3% next. Two thirds of homes built last year were condo projects.

Condominiums And Rental Outlook Positive – Vancouver Resale Condo Market – existing Vancouver condo sales will moderate slightly, but stay high for the remainder of 2008 and through 2009. Demand for condominiums will be sustained by the strong fundamentals mentioned above and will also be bolstered by continuing low mortgage rates and the lower price of condo homes, compared to detached. The average MLS price of a condo in Metro Vancouver is now more than $400,000 below the average price of a house.

Expect the Supply of Condo Listings To Trend Up over the next 18 months as demand moderates. In the first quarter of 2008, the average number of active MLS condo listings in Vancouver for sale increased 16% compared to the same period last year. By end of first quarter, the supply of condos on the Vancouver real estate market increased to a 4 month supply, up from 3 months a year earlier. This signals demand and supply moving towards equilibrium.

New and Existing Condo Prices in Vancouver Will Continue to Rise, but at a slower pace in the past few years. Price growth will slow into the single digit range this year with 8% appreciation this year and 5% next.

New Vancouver Condo Construction absorptions of new condos have been closely tracking completions for the past year, with virtually all (98%) units absorbed upon completion. An estimated one half of units underway are pre-sold and the supply of completed, unsold new Vancouver units is growing slowly but remains at less than one third of the 10 year average level. Unsold supply is located mainly in Maple Ridge/Pitt Meadows and Surrey. Vancouver has very few unsold units.

High starts and longer completion times have pushed the number of condos under construction to record highs, with over 20,000 units underway at he end of March 2008. At the current absorption rate of 600 condos per month, there is a 33 month supply of units coming on stream over the next 2-3 years. When Vancouver pre-sales condos is taken into account the number of months supply is halved to 16 months. The supply of unsold new condo Vancouver units will edge up as condo demand moderates from the buying frenzy of the past few years and as more resale condo listings become available through the remainder of 2008 and in 2009.

Speculative and Investor Activity speculation in Vancouver’s condo markets has been trending down over the past year and will continue to edge down as the pace of price growth slows this year and next. In 2007 almost one quarter of condo units in the Metro Vancouver were owned by real estate investors, a marginal dip from 5 years ago. Investor presence is higher in the downtown core, where 45% of condos are investor owned. The more expensive areas of downtown (Coal Harbour and False Creek North) have a slightly lower proportion of Vancouver investor units compared with less expensive areas.

Vancouver Economy will support housing demand solid local economic conditions in Metro Vancouver will support demand for housing this year and next. Economic growth of 3% or better is forecast for the region through 2009 with residential and non residential construction, as well as wholesale and retail trade growth. Vancouver home building will stay at high levels with non-residential construction, including Olympic related projects and non related projects, such as the Vancouver Convention Centre, ongoing work on the Vancouver International Airport and building renovations at UBC, will keep Vancouver’s builders busy.

Consumer spending, the largest component of domestic demand, will be spurred on by a growing population job and income growth. The unemployment rate is at 20 year low of 4% with 36,000 jobs added in the Metro Vancouver region last year. Strong job growth will continue and will support demand for homeownership and rental housing.

Vancouver’s healthy job market and growing international reputation as a clean, liveable city will draw people to the region from other provinces and from abroad. Greater Vancouver will gain more than 30,000 people through migration in each of the coming years. International migrants will account for most of this Vancouver growth, but the Vancouver region will continue to attract people from other provinces who are looking for jobs. This will sustain housing demand.

On the downside, one of the main factors limiting homebuyer Vancouver demand will be softening consumer sentiment. Consumer confidence is based on the US economic and housing slowdown, the sub-prime crises in the US and the economic slowdown in central Canada as well, the high Canadian dollar and low lumber prices in BC. While Metro Vancouver economy is diverse and somewhat insulated from these economic developments, downside risks to the economic outlook remain.

Mortgage rates will remain relatively flat.

The Signs of the Times for Vancouver Real Estate Housing Prices - Property Values in Flux and Balancing...

All About Balance in the Vancouver Real Estate Market Housing Prices

Moderate price increases with strengthen the property market in Vancouver says Ryan for Metro Vancouver newspaper. A recent shift in the Lower Mainland real estate market is welcome news to homebuyers who watched property values increase by double percentage digits over the last few years. According to the Real Estate Board of Greater Vancouver (REBGV), residential Vancouver property sales in Metro Vancouver have declined 30.7 per cent from May 2007 to May 2008 while listings are up 20.2 per cent. This is a shift from the white-hot market Vancouverites have come to expect over the last few years with multiple offers no longer being the norm. Dave Watt, REBGV president, said that the changes in the Vancouver real estate market pricing are “good news from an affordability standpoint.” “with more property listings and a decline in the number of sales, prices are not increasing as rapidly,” Watt said. The Vancouver housing market is at a balanced state, sellers have more competition and buyers have more selection.” In the end, it’s all about balance. Even with an influx of listings, the moderate price increases will only continue to strengthen the real estate Vancouver market and decrease the chance of a “market bubble burst,” which bodes well for more homeowners and potential purchases. Greg Carros is the managing broker of Sotheby’s International Realty in Vancouver and West Vancouver. “The selection of properties is the best in years, home buyers can now negotiate a deal that makes sense to them,” Carros said. “The interest rates are still at record lows and Vancouver as a world-class city is still a bargain for those properties in the core areas. Where else in a major city can you be minutes from the airport, city centre, recreation and cultural events?” So, while Vancouver real estate remains one of the most expensive markets in the country, the balanced property market we’re now seeing makes it more affordable for first-time homebuyers to get a firm grasp on the property ladder and feel confident that their investment will boast a healthy return.

Watch the latest videos on YouTube.com

Analysts in Greater Vancouver See Prices Soaring

A housing conference in Vancouver last month heard that Metro Vancouver real estate home prices will increase again this year and in 2009. Charles King, an analyst with Canada Mortgage and Housing Corporation, said Metro Vancouver home prices will increase 8 per cent this year and 5 per cent next year. King noted that, at the end of 2007, there was $800 billion in outstanding mortgage credit in Canada, and forecast that it will reach $1 trillion by 2010. BC, King noted has the lowest mortgage arrears rate in Canada, at a mere 0.16 per cent. The Homeowner Protection Office sponsored the May housing conference.

Vancouver Condo Crazy

Vancouverites lead nation in high-rise condo ownership according to StatsCan and published in Metro Vancouver by Kristen T. It seems that not all those construction cranes that dot the Vancouver skyline are 2010 related. More people own condos in Vancouver than anywhere else in Canada, a trend that’s fuelling a surge in high-rise construction in the city. According to 2006 census data released yesterday by Statistics Canada, about one in three people who own a home here live in a condo, compared to about 10 per cent nationwide. Robyn Adamache, Vancouver-based senior marketing analyst with Canadian Housing And Mortgage Corporation, said it comes down to affordability. “Generally it costs about half as much to buy a condominium as a single detached home,” she said. “Of course, the other reason is lifestyle factors, (such) as the amenities and central locations condos are generally located in.” “What we’re seeing in new home building in Greater Vancouver is the vast majority, (about) 80 per cent of homes, are of the multiple unit variety.” The trend also holds true nationally, where around 913,000 Canadian households own a condo, up 36.5 per cent from five years earlier. That increase has driven home ownership to the highest it’s ever been. Around 68.6 per cent of Canadian households own their home slightly lower than the British Columbia average of 69.7 per cent. Above average: Around 29 per cent of B.C. households spend 30 per cent or more of their income on their home, above the national average of 24.9 per cent in 2006, according to StatsCan.

The High Price of Homes in Vancouver

From the 24 Hours newspaper by Dharm M. More people in the Vancouver region are contributing a higher percentage of their income towards shelter costs, according to 2006 census data released yesterday by Statistics Canada. The numbers show close to a third of all households in Vancouver, renters and owners, spend more than 30 per cent of their income to pay housing costs. Canadian Mortgage and Housing Corporation analyst Sarena Teakles said traditionally housing costs above 30 per cent mark are considered unaffordable. Area homeowners are apparently choosing otherwise. “A lot of people are finding that it is worthwhile for them to pay the extra money to have the accommodations that they want,” she said. Vancouver housing costs are taking a big chunk out of people’s wallets, StatsCan has found. The number of homeowners paying above 30 per cent affordability marker has increased 29.9 per cent in 2006 from 2001. Teakles suggest opting for condos may be a common choice because of their low price point. About 31 per cent of all owned homes in Vancouver real estate region are condos and Teakles predicts that number can only increase as property developers are forced to build upwards. Statistics Canada reports the rate of condo ownership is highest in B.C. census metropolitan areas but the number of condo owners grew fastest in Calgary between 2001 and 2006.

Pricey Properties in Vancouver Real Estate Market

Vancouver is the most expensive market for detached family homes according to Metro Vancouver’s Hollie. Homebuyers looking for a bungalow in Vancouver better want it twice as much as buyers elsewhere in the country. Detached Vancouver bungalows now cost at average of $850,000, which is almost double those in the next most expensive city, Calgary. Vancouver bungalows rose in price by 12.5 per cent from last year, when they were sold for an average of $760,000, according to a report by Royal LePage Real Estate Services released yesterday. By comparison, Halifax bungalows are selling for $210,000, and in Calgary, they are priced at $440,000. Bill Binnie, the president of Royal LePage Northshore, North Vancouver, said the housing costs in Vancouver have historically been high in the region. “Vancouver is enjoying a growth in population and limited supply of land,” he said. Across the rest of Canada: The average bungalow prices across the rest of Canada differ by as much as $200,000. Montreal at $230,000, Ottawa at $310,000, Toronto at $430,000 and Edmonton at $330,000 which don’t close close to Vancouver’s average bungalow price of $850,000.

Housing Sales Will Remain Strong in Canada

Canada’s resale housing market will remain at or near record levels this year, the Canadian Real Estate Association predicts. The realtors group said multiple listing services sales est a record of 520,747 units in 2007, up 7.6 per cent from 2006 in the steepest increase since 2002, and this year’s MLS transactions in Canada are forecast to remain solidly above 500,000. The association says three factors will save Canada’s hosuing market from the woes engulfing the housing sector in the United States: consumer confidence, employment and affordable interest rates.

Community Vancouver Real Estate Focus: North Vancouver Smart Growth, East Vancouver on The Rise, Kerrisdale Old Traditional Charm & Affordable Housing

North Vancouver Citizens Beware City Smart Growth Agenda

An editorial from the North Shore News newspaper on a citizen’s take on the current Central Lonsdale Planning Study and what it may mean in terms of affordability, livability and the future of the North Shore real estate market. Dear Editor: I wonder how many people will give the City of North Vancouver’s intentions to increase densification on the North Shore real estate the serious review it deserves. Another concern is North Vancouver’s impact on the other North Shore municipalities. Are city residents really being given a choice, or is the process jst steering things towards the outcome that the City of North Van wants? Do the residents of the other municipalities have any say in how the city’s choices affect traffic and crime? It looks like there’s a North Vancouver Smart Growth agenda at work in the city. But looking at the U.S., you see evidence how Smart Growth real estate development has problems. While it seems intuitive that building more housing units within ar egion – thereby increasing supply – should increase affordability, in fact the opposite happens: housing prices go up and traffic problems worsen. More people within an area simply leads to more demand on North Shore housing. The pressure to increase North Vancouver housing density is being caused by policies on land use, agriculture, and transportation that all cause pressure on the supply of land; one can say the shortage of land and the resulting higher housing prices in North Vancouver City are unnecessary.

Looking within Canada, Vancouver has the least affordable housing, some of the worst traffic problems and many advocates of Smart Growth North Vancouver at work. This is fine if you can afford high priced condos in Coal Harbour or False Creek, but if you can’t afford it or can’t tolerate the noise and overcrowding, your only option is the suburbs – especially if you prefer to raise a family. To City of North Van Smart Growth real estate planners, your own backyard isn’t even counted as livable green space. Instead you should hope to have a nice view of the greenbelt from your condo and play only in designated public spaces. Taken to this extreme, the most prized outome of Smart Growth in North Vancouver real estate surely must be found in the over crowded cities of Japan, where people’s apartments are scarcely more than bedrooms and where they spend most of their time shopping or in the entertainment districts. Sprawl has been described as something that always happens in somebody else’s neighbourhood, but never your own. This explains some of the unspoken snobbishness of Smart Growth. Smart Growth real estate development plans appeals to people (in terms of) environmental responsibility, and that is valid. But there are difficulties around sustainable growth and what that term really means. Without an open discussion of some of the assumptions and choices underlying Smart Growth in North Vancouver City real estate, people will probably not get what they assume they are getting (when they agree to it).

Randy O’Toole, senior fellow with the Cato Institute and author of The Vanishing Automobile and Other Urban Myths: How Smart Growth Harms American Cities, wrote about Metro Vancouver’s Livable Region (strategy): “To avoid sprawl, (Metro Vancouver) closed more than 70 per cent of the region’s land to real estate development and mandated that all cities in the region accommodate growth by increasing population densities. The result has been skyrocketing housing prices and, for most families, an end to the great Canadian dream of owning your own single family home.” On the North Shore, it’s easy to see that traffic is bad enough on the freeways and bridges, but speaking for myself, it’s tolerable most of the time. I find the North Shore a very liveable place to live and to work. Now we have the City of North Vancouver Smart Growth development Plan trying to cram more people on to the North Shore, and it’s hard to see how this will benefit traffic and make the region more livable. Isn’t it more sustainable not to increase the population? Or limit growth to a smaller scale approaches such as secondary rental suites and coach houses? The North Shore may already be at capacity in many ways, so I would argue for a moratorium against increasing densification for the foreseeable future. If Metro Vancouver ever pays any real attention to the transportation challenges on the North Shore, then perhaps it can be considered at that time. J. Morrison of North Vancouver (information technology consultant who lived in the District of North Vancouver since 2003).

East Vancouver real estate becoming increasingly popular

According to Metro Magazine contributor Andrea, more people in East Vancouver are swapping rent for mortgages and purchasing property in this district more than ever before. As housing in Vancouver goes up in price and down in availability, a number of trends are appearing, according to Peter Simpson, the CEO of the Greater Vancouver Home Builders’ Association. One is that more and more people in East Vancouver are swapping their monthly rent for mortgage payments. “some folks who buy homes will find that their mortgage payments are consistent with what they used to pay in rent,” said Simpson. “So now they’re paying themselves and not a landlord.” Another is the manifestation of what Simpson calls “mingles.” “These are single people who are not related to each other, who are not in a relationship with each other and want to become roommates, but this time in a purchase situation,” he said, adding that “mingles” in East Vancouver real estate are usually women. “They’re pooling their resources and… now they own a place and are building their home equity.” A third trend in East Vancouver’s property market is that more people are opting for multi-family housing. “For a first-time homebuyer, a decade ago, their first choice was a single-family home like mom and dad’s,” said Simpson. “Today there are more realistic expectations; they have condos, townhouses that they know will likely be their first home.” Simpson said while no one municipality is particularly more affordable than any other, there are certain areas that are becoming increasingly popular for young homeowners. East Vancouver is one because of the recent real estate condo development. The Tri-Cities area and Surrey Town Centre are also popular because the rapid transit lines run through them, he said.

Kerrisdale Vancouver – Destination Neighbourhood

Centred along the unbashedly eclectic retail strip spanning 41st Avenue between Arbutus and Balsm, Kerrisdale Vancouver is a neighbourhood with upscale charm, a fun loving charm and a distinctly creative leaning. Community Snapshot by 24 Hours newspaper. Folks here like to mingle, so there are plenty of well frequented gathering spots often decoarted with displays of local artwoork for sale in addition to food and drinks. One retired city planner, frequently seen sipping lattes and chatting with passer by at Bean Bros. Coffee, Postulateds kerrisdale real estate attracts more people as a destination neighbourhood to visit for an afternoon than any other in the Lower Mainland. Like its residents, Kerrisdale real estate housing is a mix of young and old all coexisting with an easy going camaraderie. But don’t expect Kerrisdale housing to be cheap. Houses in Kerrisdale real estate start near the $1 million mark for what some lovingly refer to as an “old timer in need of some TLC,” but would more accurately be described as a tear down with land value only. For an extra $300,000, you can find Kerrisdale homes with cosmetic renovations but still the boxy, segmented interiors that characterized houses from the 1940s and 1950s. If you’re looking for the graciousness typically associated with Kerrisdale real estate, expect to pay a minimum of $1.7 million, and most likely $2 million or more. But in this price range, you can expect a lot – elegant architecture, large lots, open floor plans, often even feng shui design elements. Tough to find, older kerrisdale townhouses in Vancouver start at $600,000 and in short order race past the $1 mllion mark finally settling near $1.5 million for a brand new unit in the Kerry Kerrisdale property development. Currently well under construction in the 2200 block of West 39th Avenue, the Kerry Kerrisdale is also where you’ll find some of this neighbourhood’s most expensive apartment homes – each one spanning a single floor for true 360 degree outlooks and commanding prices averaging $2.5 million. There are however some bargains to be had in the Kerrisdale apartment market. Older buildings with generous floor plans, but not necessarily the floor to ceiling windows, gas fireplaces, or in suite laundry de rigueur in new products, are available for well under $400,000 – though you’ll have to watch closely as a surprisingly high proportion of these are co-op Kerrisdale buildings, that require higher down payment and are less appealing to financial institutions. For $600,000 and up, there’s usually a selection of concrete Kerrisdale condo suites, often in mid-rise or highrise condominium towers offering amenities like air conditioning, top-end appliances, and onsite recreational facilities. Currently, Kerrisdale real estate’s two most expensive properties are an 11,000 square foot mansion with eight bedrooms and gold plated light fixtures on offer for $6.7 million and a 2,400 square foot penthouse condominium in 5955 Balsam Kerrisdale real estate boasting two bedrooms, two levels, a 2,300 square foot patio and a price tag of $3.9 million. Written by S. M. Boyce for 24 Hours.

College Project Developers Affordable Housing for Vancouver

On another note in 24 Hours newspaper, Matt writes about the possibility of more affordable ways of constructing housing in the Lower Mainland to offset the rising costs of home ownership and lack of affordable housing for the homeless. Affordable housing can be created, just ask a group of design students who have spend the last 17 weeks building some. While the four display units now sitting outside UBC’s forestry building aren’t a magical solution to the city’s social issues, Emily Carr industrial design instructor Christian Blyt says it’s a start. “We finally have something to show people,” Blyt said, as 15 of his innovations in Wood Design students – and two UBC forestry students – put the finshing touches on four pre-fabricated transitional housing units. “Hopefully, we’re setting up a dialogue on how it can be done. We can do something, but it has to start somewhere.” His students believe that starting point lies within their real estate project. “We did a lot of research on homelessness and what it’s like to be homeless, so we know what people need,” said student Tina Lu. “These units are pretty simple but it suits people in transition.” And on a $1,500 budget, the students believe the ready-to-assemble homes could serve as a model for quick and easy housing Vancouver real estate projects.

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

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

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 (www.mpcintelligence.ca). 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.”