Vancouver Real Estate Market: Vancouver Housing Market

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Tuesday, November 5, 2013

Balanced conditions continue in the Greater Vancouver housing market

Balanced conditions continue in the Greater Vancouver housing market

Home buyer and seller activity continues to mirror historical averages in the Greater Vancouver housing market. These trends have helped keep the region in a balanced state for the last nine months.

The Real Estate Board of Greater Vancouver reports that residential property sales in Greater Vancouver reached 2,661 on the Multiple Listing Service® (MLS®) in October 2013. This is a 37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded in September 2013.

New listings for attached, detached and apartment properties in Greater Vancouver totaled 4,315 in October 2013. This represents a 0.2 per cent decline from the 4,323 new listings reported in October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in September of this year.

Last month’s sales were 2.8 per cent above the 10-year sales average for the month, while new listings for the month were 1.9 per cent below the 10-year average.

“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,257, a decline of 12.2 per cent compared to this time last year, and a decline of 5.3 per cent compared to September 2013.

The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is $600,700. This represents a 0.5 per cent decline compared to this time last year.

Sales of detached properties reached 1,067 in October 2013, an increase of 35.1 per cent from the 790 detached sales recorded in October 2012 and a 9.5 per cent increase from the 974 units sold in October 2011. The benchmark price for detached properties decreased 0.5 per cent from October 2012 to $922,600.

Sales of apartment properties reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012 to $365,600.

Attached property sales totaled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, which is virtually unchanged from October 2012.

Complete Report: http://issuu.com/annaasi/docs/rebgv_stats_package__october_2013

Cat: REBGV Report October 2013

Job growth to sustain Vancouver housing market in 2014

Job growth to sustain Vancouver housing market in 2014

A pick up in B.C.’s economy next year and the associated increases in jobs will bolster B.C.’s residential real estate market in 2014.

According to the latest housing market outlook released October 31 by the Canada Mortgage and Housing Corp. (CMHC), existing home sales are expected to rise 8% next year with the average price on the Multiple Listing Service forecast to edge up 1% in 2014.

In its report, the CMHC said demand for homes next year is “expected to ride the momentum of a rebounding market and post some positive gains.”

The improving market will be based on improved economic prospects for the province next year stemming from increased demand for B.C. goods from the province’s key export markets.

That is expected to bolster B.C.’s job market which is forecast to see a 1.5% increase in employment next year after marginal growth in 2013. After flat migration growth this year, an increase in the number of people migrating to B.C. should also boost demand for homes next year.

Housing starts, however, aren’t expected to rise substantially in 2014. The CMHC is forecasting 18,200 of new housing units this year and 18,400 units in 2014.

The relative glut of new, unoccupied homes is the main reason for the muted increase in activity over the next year. As of the end of September, there were 3,961 new housing units yet to be occupied, a 28% increase from the amount available a year ago.

Mortgage rates are expected to rise marginally next year, but CMHC suggested lending rates will remain “supportive” for the housing market given rates remain low by historical standards.

By the end of 2014, CMHC is forecasting the one-year posted mortgage rate to rise 0.25% from 2013 levels to between 3.25% and 3.75%, and the five-year posted mortgage rate to rise to between 5.25% to 6% from between 5% and 5.50% in 2013.

Courtesy of Business Vancouver

Vancouver’s house prices still climbing

Vancouver’s house prices still climbing

Prices for single-family houses in Vancouver are on the rise again as the affordability gap widens between detached homes and multifamily units.

On Vancouver’s West Side neighbourhood, the benchmark price index last month for detached homes reached $2,086,800, up 1.2 per cent from October, 2012. On the city’s East Side, prices rose 1 per cent to $850,500.

Over the past five years, prices for West Side detached properties have surged 45.3 per cent while they have jumped 35.2 per cent on the East Side, according to statistics released Monday by the Real Estate Board of Greater Vancouver.

For Greater Vancouver as a whole, including suburbs such as Burnaby and Richmond, single-family detached prices climbed 24.4 per cent to $922,600 over the past five years. By contrast, prices for townhouses rose 7.8 per cent to $458,000 while condo prices increased 4.5 per cent to $365,600.

The Vancouver region’s single-family detached homes are on track to get ever-more expensive in the long term, while price hikes for townhouses and condos are forecast to be restrained by increased supply for those multifamily developments, said Cameron Muir, chief economist at the B.C. Real Estate Association.

“In the long term, single-family detached homes are going to become an increasingly smaller proportion of the housing stock becau se we’re building 80 per cent of new homes that are townhouses or condominiums,” Mr. Muir said.

“Over time, the housing stock will be shifting toward multifamily. Single-family detached homes are going to be a smaller proportion of the total number of homes in the marketplace. As such, theory tells us that prices of those particular home types are going to get bid up relative to the other ones because they are an increasingly finite and scarce resource,” he said.

October sales for detached homes, townhouses and condos in Greater Vancouver climbed 37.8 per cent from the same month last year as the real estate market finds its balance. There were 2,661 resale properties that changed hands last month on the Multiple Listing Service, up from 1,931 sales in October, 2012.

The increased activity marks the sixth consecutive month that Greater Vancouver has experienced a year-over-year gain in monthly sales, following a 19-month slump in volume.

Hani Lamman, vice-president of development and acquisitions with Cressey Development Group, said the City of Vancouver is facing opposition from long-time residents in historic neighbourhoods as civic politicians seek to encourage builders to pack more housing units onto lots traditionally zoned single-family detached.

Land is precious within the City of Vancouver due to mountains to the north and the ocean to the west, Mr. Lamman said. While it will be a slow process, Cressey intends to build townhouses and condos in the East Side neighbourhood that includes Commercial Drive, assuming city hall officials are able to rezone the area to make it easier to construct townhouses, row houses and condos.

Housing sales over the past six months look rosy when comparing the figures with last year’s slump. In July, 2012, Ottawa reduced the maximum period on government-backed mortgages to 25 years from 30 years, a move that contributed to the slowdown in housing sales and drop in prices in the second half of 2012 and early 2013. On Vancouver’s West Side in March this year, for instance, single-family detached prices were down 9.1 per cent, compared with the same month in 2012.

The sales volume in Greater Vancouver last month was 2.8 per cent above the 10-year sales average for October, said board president Sandra Wyant. Greater Vancouver’s MLS home price index for single-family detached houses, townhouses and condos was $600,700 last month, or a 0.5-per-cent decline from the same period in 2012. There were a total of 15,257 active listings last month, down 12.2 per cent from a year earlier.

VANCOUVER — The Globe and Mail

Published Monday, Nov. 04 2013

New home construction could be a ‘real grind’ for Metro Vancouver in 2014

New home construction could be a ‘real grind’ for Metro Vancouver in 2014

The new home industry can expect 2014 to be a “real grind” as impending municipal elections in Metro Vancouver could slow down the rate of approval for new housing projects, Vancouver real estate guru Michael Ferreira said Thursday.

Ferreira warned a meeting of the Urban Development Institute to expect “to see more of this,” and he showed a slide of a protest signs that can be seen around Marpole in South Vancouver saying “Stop Marpole Rezoning.”

The signs are protesting the city’s proposed housing densification of the Marpole neighbourhood.

“In terms of supply of new homes, I think we will continue to see it constrained — especially over the next year. One of the biggest reasons is the municipal elections coming up in 2014.

“I think those on council and those people seeking re-election will be loathe to make any kind of controversial decision (on new housing),” said Ferreira, who is a principal of the Vancouver company Urban Analytics.

“So it really freezes our market and, for those politicians who wax on about wanting to provide affordable product, it doesn’t help if we go a year without adding more supply,” Ferreira said.

“As an industry I think we are going to have to work a lot harder to show people in neighbourhoods that we are working with them,” he said.

In his overall assessment of the new housing market this year, Ferreira said it has been a lot like the weather.

“It’s been a bit hard to figure out — a bit tough to see through the fog in some places — but certainly some bright spots,” he said.

As an example, he pointed to concrete condominium sales levels, which were higher than he had expected.

Ferreira said 4,253 units had been sold in Metro so far this year, compared to 2,546 to the same date in 2012. Bright spots included Richmond, with 878 concrete condos sold this year, and the Tri-cities (Coquitlam, Port Coquitlam, Port Moody), with nearly 500 concrete condos sold to date, a 74-per-cent increase over last year.

However, Metro’s wood-frame condominium sales were “not quite as good,” with 1,832 sold so far in 2013, compared to 2,502 to the same date in 2012. Townhomes showed a similar trend.

Cat: Vancouver Real Estate

Thursday, June 6, 2013

Spring months bring balance to Greater Vancouver housing market

Spring months bring balance to Greater Vancouver housing market

VANCOUVER, B.C. – June 4, 2013 – While the number of home sales in Greater Vancouver continued to trend below the 10-year average in May, the balance of sales and listings meant continued market stability this spring.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,882 on the Multiple Listing Service® (MLS®) in May 2013. This represents a one per cent increase compared to the 2,853 sales recorded in May 2012, and a 9.7 per cent increase compared to the 2,627 sales in April 2013.

Last month’s sales were 19.4 per cent below the 10-year sales average for the month, while new listings for the month were 7.4 percent below the 10-year average.

“We’ve seen some steadying trends over the last three months,” Sandra Wyant, REBGV president said. “The number of homes listed for sale has been keeping pace with the number of property sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence on home price activity.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,656 in May. This represents an 18.3 per cent decline compared to the 6,927 new listings reported in May 2012 and a 3.7 per cent decline from the 5,876 new listings in April of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 17,222, a 3.4 per cent decrease compared to May 2012 and a 2.9 per cent increase compared to April 2013.

The sales-to-active-listings ratio currently sits at 17 per cent in Greater Vancouver. This is the third straight month that this ratio has been above 15 per cent. Previous to this, May 2012 was the last time this ratio was above 15 per cent.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $598,400. This represents a decline of 4.3 per cent compared to this time last year and an increase of 1.8 per cent compared to January 2013.

Sales of detached properties reached 1,212 in May 2013, an increase of 2.7 per cent from the 1,180 detached sales recorded in May 2012, and a 22.8 per cent decrease from the 1,570 units sold in May 2011. The benchmark price for detached properties decreased 5.2 per cent from May 2012 to $917,200.

Continued Sales of apartment properties reached 1,136 in May 2013, a decline of 1.7 per cent compared to the 1,156 sales in May 2012, and a decrease of 7.5 per cent compared to the 1,228 sales in May
2011. The benchmark price of an apartment property decreased 3.7 per cent from May 2012 to $365,600. Attached property sales in May 2013 totalled 534, an increase of 3.3 per cent compared to the 517 sales in May 2012, and a 7.8 per cent decrease from the 579 attached properties sold in May 2011. The benchmark price of an attached unit decreased 3.2 per cent between May 2012 and 2013 to $454,900.

The real estate industry is a key economic driver in British Columbia. In 2012, 25,032 homes changed ownership in the Board’s area generating $1.07 billion in economic spin-off activity and creating an estimated 7,125 jobs. The total dollar value of residential sales transacted throughout the MLS® system in Greater Vancouver totalled $18.6 billion in 2012. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®.

Complete Report:

http://issuu.com/annaasi/docs/rebgv_stats_package_may_2013/1

Saturday, May 25, 2013

Growing Interest in Vancouver Real Estate from China Prompts Vancouver Movers & Overseas Relocation Specialists to Overhaul their 2013 Online Marketing Strategy

Growing Interest in Vancouver Real Estate from China Prompts Vancouver Movers & Overseas Relocation Specialists to Overhaul their 2013 Online Marketing Strategy

2013 reports indicate that real estate in Vancouver remains a hot commodity for investors and new migrants from China with many expecting this trend to continue into the near future. Vancouver movers Best Choice Moving specializes in overseas relocations and in a reaction to recent reports has launched a new website to better communicate with and help capture both local and overseas customers that are considering a move to Greater Vancouver.

On May 22, 2013 the Epoch Times reported on the international surge of funds and migration flowing from China, much of which has labeled the port city of Vancouver as its primary target. Vancouver real estate has long been popular with overseas parties in China that look not only for investment opportunities but seek a place for their families to migrate to. While such activities keep local real estate professionals on their toes in hopes of accommodating this demand, other industries are also immediately impacted by the trend. Vancouver moving companies that offer overseas relocation services in particular are directly affected. For Best Choice Moving, a Vancouver moving and storage provider that specializes in overseas relocations, focusing marketing efforts in this direction is essential. Because of this, Best Choice Moving understood that it was time to launch a new website to better communicate their services to their audience – local and international alike.

In addition to local residential, retail, and office relocations, Ben Wang of Best Choice Moving is proud to state that as Vancouver movers they have long been a part of the overseas moving process for many businesses and families migrating from China. While Ben positions that Best Choice Moving indeed caters to all demographics and contingencies in the diverse market of Greater Vancouver, his team does in fact consider themselves to be specialists in overseas relocations.

As a multilingual company, Best Choice Moving has been able to easily cross the communication barrier with those seeking to move from China to Canada. Ben credits word of mouth and networking to be a big key to the success of Best Choice Moving thus far in the realm of overseas moving but will also admit that this very same strength may have been a weakness in their digital marketing strategy. With so much business coming from referrals their website did not keep up with the demands of today’s online community, until this month that is. In the first week of May 2013 Best Choice Moving secured the services of a Vancouver website marketing firm and built a brand new website to capture the online attention of both local and overseas parties considering moves to Vancouver, BC, Canada.

Ben Wang comments, “It’s easy to get caught up in the word of mouth success that we have created for Best Choice Moving within the international communities within Greater Vancouver. Reviewing recent statistics regarding continued migration from China towards Vancouver real estate was a wake-up call. We had to remind ourselves that there was an entire audience out there looking for overseas Vancouver movers online and the websites that communicate their service better than the rest would be the ones to capture this demand. Best Choice Moving is proud to announce that we have not only joined the party, we now have a superiorly optimized website that clearly defines our ability to accommodate overseas interest from China.”

Best Choice Moving encourages anyone considering a business or household relocation for either themselves or for family located overseas to contact their Vancouver moving and storage company today for an estimate.

ABOUT Best Choice Moving
Best Choice Moving understands the international/overseas moving process in depth because we have been serving households and businesses in this capacity for many years. We work with many diverse ethnic communities within Greater Vancouver and understand that developing trust and clear communication is important in achieving an optimum overseas relocation. Overseas moves are huge undertakings for any home or business. Be sure to secure international movers Vancouver area residences and businesses have been turning to for years.

Technorati Tags: Vancouver Real Estate Vancouver Housing

Courtesy of PRWeb

Thursday, January 10, 2013

Housing starts in Metro Vancouver remain strong despite lower sales, according to CMHC

Metro Vancouver housing starts trend lower

Housing stats in Metro Vancouver were up in 2012 over 2011, but Canada Mortgage and Housing Corporation says starts are trending lower.

“For several months, the trend numbers have been coming down,” said Robyn Adamache, CMHC’s senior market analyst for Vancouver. “The pace is starting to slow a bit.”

The trend measure is a six-month average of seasonally adjusted annualized numbers. Adamache said it was fairly stable through 2012, with between 18,000 and 20,000 annualized starts each month.

“This trend is expected to continue into 2013, with 19,100 total housing starts forecast for the year,” Adamache said.

There were 19,027 housing starts in Metro Vancouver for the year 2012, up more than six per cent from the year and from the 10-year average, CMHC reported.

In December, there were 1,187 starts, including 251 single-detached houses and 936 multi-family units. The ten-year average for December is 1,275, Adamache said.

For the year, single-family starts were down 8.2 per cent, while multi-family starts were up 10.3 per cent, according to CMHC.

“I think developers in Vancouver have shown themselves to be very quick at responding to consumer trends,” Adamache said. “I think you see that in the types of homes that are being built. There is more demand for more affordable, lower-priced homes.”

She said Vancouver’s rental vacancy rate is 0.9 per cent, which is very low — a boon to real estate investors.

“Because there is a good, strong rental market, people are buying multiple-unit homes as de facto rental properties that they will hold onto and rent out as investment properties,” Adamache said. “That’s part of the reason we’re seeing more multiple-units.”

Nationally, housing starts declined for the fourth consecutive month in December.

The pace of housing starts slowed by a modest 1.7 per cent last month to 197,976 on an annual basis, the fourth drop in as many months, CMHC said. The decline was less than analysts expected.

On Tuesday, Canada’s leading bankers judged the country’s real estate market as “relatively solid” despite the slowdown and concerns about overbuilding in the condominium segment, forecasting that 2013 would see a “soft landing” in the market.

But December’s relatively strong numbers also gave skeptics more reason to warn of a future reckoning.

David Madani of Capital Economics said Canada’s real estate market is exhibiting the same cracks as the United States before the 2007 crash.

While lower, December’s starts were still well above the 175,000 to 185,000 annual growth requirement needed to accommodate population growth. Meanwhile, sales are heading south. Vancouver sales are down 31.1 per cent from last year, while Toronto resales of existing properties have fallen 19.5 per cent from a year ago.

“The upshot is that too many housing units have and are still being built, excesses that will eventually upset the balance of demand and supply,” Madani warned. “We will stand by our long-held view that home prices are likely to fall by around 25 per cent over the next year or two.”

Bank of Montreal economist Robert Kavcic said he expects homebuilding activity to slow to about 180,000 this year, which “would meet underlying demographic demand, and be just the scenario that policy-makers ordered.”

Technorati Tags: CMHC Report Vancouver Housing Vancouver Real Estate

Saturday, January 5, 2013

Vancouver suburbs continue to attract home buyers at slow steady pace

The lure of smaller centres outside Vancouver is, and always has been, affordability, realtors say

Derek Love is gearing up for another busy year selling real estate in suburban Vancouver.

After a brief lull in business in the latter half of 2012, when properties lingered on the market a little longer than usual and prices stalled, activity is once again starting to pick up.

“We’ve noticed, in the month of December, a lot more confidence. We are getting calls for from all different types of buyers who are eager and asking questions about homes we’ve had for sale for six months,” said Love, who’s worked for 20 years primarily in the Tri-Cities for the family-run firm Coldwell Banker Love Realty.

The slow times don’t worry him too much.

The allure of places like Coquitlam, Port Coquitlam and Port Moody is, and has always been, affordability.

Where property prices in some areas of Vancouver, West Vancouver, Richmond and Burnaby climbed by as much as 30 per cent last year, prices in the Tri-Cities and New Westminster stayed the course.

“We didn’t really have that big increase,” said Love, noting $600,000 to $800,000 will still buy “a really good family home — well kept, basement suite, nice yard, quiet street.”

Now that the 2013 assessments are out, that slow and steady pace is once again reflected in the numbers.

According to B.C. Assessment, the total change in assessed property values, as of July 1, 2012, was about five per cent in Coquitlam, Surrey and New Westminster.

Changes were more notable in Vancouver, which rose just two per cent this year, and Richmond, which dipped 0.64 per cent.

The total change includes assessed values of existing properties, new construction, and other factors such as renovations and rezoning.

Katrina Amurao, a realtor with Re/Max 2000 Realty, said the stability in Surrey’s market is driven largely by an equally strong demand for and supply of single-family homes.

“There are a lot of them and they are selling,” she said.

Amurao said the average price of a single-family home in Surrey in December 2012 was $560,000 — a figure virtually unchanged from twelve months earlier.

“The prices here have not necessarily been jumping the way they did in Vancouver,” she said.

Technorati Tags: Vancouver Real Estate Vancouver Housing

Tuesday, November 13, 2012

Metro Vancouver home sales jump by 27.4 per cent in October

VANCOUVER — Home sales in the Real Estate Board of Greater Vancouver’s region soared 27.4 per cent in October, from 1,516 home sales in September to 2,317 last month, the board reported in a news release this morning

But that represents a 16.7 per cent decline compared to the 2,317 sales in October 2011, the release noted, adding that October 2012 sales were 28.5 per cent below the 10-year October sales average of 2,700.

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect, said in the release. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making.

“This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

The benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent, to $603,800, in October since reaching a peak of $625,100 in May, the REBGV said, noting that represented a 0.8 per cent decline compared to last year.

Meanwhile, home sales jumped by 23 per cent from September to October in the Fraser Valley Real Estate Board's region, with 1,053 sales registered on its Multiple Listing Service, the board reported this morning.

That was a decrease of eight per cent, compared to the 1,139 sales during October last year, but board president Scott Olson said in a news release: "This is a marked improvement over September. Our sales increased at the same time as our inventory dropped improving our supply-demand conditions.

"Although we remain in a buyer's market, it moves us in the direction we want to go, which is closer to balance."

The benchmark price of a detached home in the board's region, which includes Surrey, was $546,900, an increase of 2.5 per cent compared to October 2011, when it was $533,800. But that was a 0.5 per cent decrease compared to September's $549,500.

The benchmark price of condos increased year-over-year by 2.9 per cent, going from $198,100 in October 2011 to $203,900 this October.2012.

Tuesday, July 3, 2012

High-rise development aims to make Kingsway a residential hotspot

High-rise development aims to make Kingsway a residential hotspot

East Vancouver’s Kingsway has long been known for its steady stream of auto dealerships, strip malls, fast-food restaurants, cut-rate motels and as a quick route to somewhere else. That’s changing.

In what’s regarded by many as part of the area’s renaissance, a 12-storey condominium tower in the 2700-block of Kingsway is now being marketed as part of a city plan to take advantage of the Norquay neighbourhood’s central location and turn it into a more people-friendly place emphasizing higher densities, newer shops and services, wider sidewalks and other public amenities.

Skyway Towers, the first highrise development under the Norquay Village Neighbourhood Centre Plan, is a 130-unit project that includes nine commercial units to be built on the site of the old Wally’s Burgers.

It includes two buildings – the 12-storey tower and a four-storey building – with a 13-metre-wide breezeway between them.

“We’ve sold about 50 per cent [of the units] in pre-sales,” says John Skender, head of marketing for Thind Properties Ltd., Skyway’s developer. “Construction should start as soon as we have a building permit, within the next two months. We’re looking at early 2014 for occupancy.

“I think it fits in beautifully [with the Norquay plan].”

But Skyway is just one of many new buildings anticipated for the area.

“Some major tracts have been purchased and there will be some huge developments going up,” said Skender, whose Skyway project is aimed at affordability with most units priced between $245,000 and $475,000. “Change is always a little difficult, but there are sections of the city where densification will improve the neighbourhood. This is one of them. Nothing much has changed there in the last 30 years. I see [Norquay] doing a 180-degree turn.”

Under the Norquay plan — which was approved in 2010 despite opposition from many residents critical of highrises in their neighbourhood — Kingsway will experience more housing variety, including towers with a maximum 12 storeys in the plan area, and low-rises, townhomes and duplexes behind them.

It aims to maintain a single-family residential character in key areas, a concern of critics.

The plan for the east Vancouver neighbourhood – between Gladstone in the west to Killarney in the east and 41st in the south to 29th in the north — also includes greater affordability, safer pedestrian amenities and good transit and bicycling connections.

However, the plan also encountered opposition from residents opposed to the densification.

Hubert Culham, for example, wrote in The Vancouver Sun in November 2010 that council’s approval of the plan “sealed the fate” of his neighbourhood.

“At that moment Norquay ceased to exist as a cohesive, livable, medium-density and very ‘green’ neighbourhood,” Culham wrote. “This gave the city planning department the right to chop Norquay up, level it and festoon it with highrises, effectively a mass rezoning to much higher density.”

Today, Culham said, his concerns remain and he’s not keen on towers such as Skyway in his neighbourhood. “The situation hasn’t changed. It shouldn’t be there. It doesn’t fit with the community, which to me is important. I don’t want the city to look like Manhattan.”

However, East Vancouver resident and city councillor Kerry Jang said the Skyway Tower provides “a real need” and fits well with the plan.

“We’re trying to bring life, livability and vibrancy to the area,” he said. “Now, it’s a provincial highway [and] it’s a bit run down. It can take a lot more density, but we want to be sensitive to single family dwellings. So we’ve limited [towers] to 12 storeys.”

Jeff Hancock, senior manager for real estate market intelligence company MPC Intelligence, believes east Vancouver and the Kingsway area particularly, is a great opportunity for developers as the area changes.

“The land is cheaper, relatively speaking, and there’s great access to the city and Burnaby. There’s well-established Vietnamese and Chinese communities and they’re big buyers.”

Matt Shillito, the city of Vancouver’s assistant director of planning, said the Norquay plan will feature a “transition” of housing types starting with highrises on Kingsway, four-storey apartment buildings behind them, and row homes, townhouses and duplexes behind them.

He noted while the Skyway plan had considerable support, there was also concern about its height. “But people recognize it’s an area in need of revitalization [and] it’s very much in conformity with the plan.”

He said although the plan stipulates a maximum of 10-12 storeys on Kingsway, there are a couple of areas within the plan where towers could go 14 stories and that the city has received one such application on the Canadian Tire site at Gladstone and Kingsway.

“We want to encourage the redevelopment of blocks on Kingsway to improve the retail environment, the streetscape and the public realm,” said Shillito, who said it will take up to 25 years to complete the plan. “Right now, it’s very hostile to pedestrians.”

Technorati Tags: Vancouver Kingsway,Real Estate,East Vancouver,Condominiums

Wednesday, May 9, 2012

Vancouver Real Estate Market Update - April 2012

Cat: Vancouver Real Estate

Technorati Tags: Vancouver Real Estate Housing April 2012 Apartment

Greater Vancouver housing market maintains a steady spring pace

VANCOUVER, B.C. – May 2, 2012 – Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012. April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April. At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 per cent from April 2011 to $375,900.Townhome property sales in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622 sales in April 2011, and a 21.6 per cent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 per cent between April 2011 and 2012 to $487,300.

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Cat: Vancouver Real Estate

Technorati Tags: Vancouver Real Estate Housing REBGV Real Estate Board of Greater Vancouver Housing Price Index

B.C. housing starts rise 6.3 per cent in April: CMHC

OTTAWA — Housing construction starts blew past expectations in April, according to data released Tuesday.

Canada Mortgage and Housing Corp. said there was a seasonally adjusted annual rate of 244,900 housing starts last month. That was up 14 per cent from the previous month, and well ahead of what the 204,000 economists polled by Bloomberg had been predicting.

"While unseasonably warm weather has been helping starts in recent months, April's return to more normal seasonal temperatures still saw home building soar," CIBC World Markets economist Emanuella Enenajor said in a research note.

"That's even with data on building permits pointing to some moderation in home-building intentions. That suggests that low (interest) rates remain the principal catalyst for continued robust construction activity in Canada."

Urban starts were up 18 per cent to an annual rate of 226,200, while the estimate on rural starts were down 19 per cent to 18,700.

Construction on multiple-housing units in urban areas drove the overall gains. They were up 27.4 per cent to a rate of 158,500. Urban singles saw a gain of 0.6 per cent to 67,700.

Regionally, there was a surge of 56.5 per cent in urban housing starts in Quebec. They were up 12.2 per cent in Ontario, 6.3 per cent in the Prairies and British Columbia, and 2.6 per cent in Atlantic Canada.

Postmedia News

Cat: Vancouver Real Estate News

Technorati Tags: Vancouver Real Estate Housing Condo Market Housing Price Index

Vancouver home prices fall for fifth consecutive month

Vancouver home prices fall for fifth consecutive month

OTTAWA — Homes prices edged down 0.2 per cent in February from the month before but were still 6.1 per cent higher than a year ago, according to a well-watched housing index.

The month-over-month decline was the third such retreat in the past four months for the Teranet-National Bank National Composite House Price Index, released Wednesday, which measures price changes for repeat sales of single-family homes.

In January, prices rose 0.1 per cent.

Teranet's report showed prices falling from the previous month in six of the 11 metropolitan markets surveyed.

In Canada's two hottest real-estate markets, prices in Vancouver fell 0.3 per cent, the fifth consecutive decline, while prices in Toronto rose by just 0.1 per cent. On a yearly basis, however, Toronto prices were 10 per cent higher.

Nationally, prices were 6.1 per cent higher than a year ago. In January, prices were 6.5 per cent higher.

The data is likely to show up on the radar of Bank of Canada governor Mark Carney, who has repeatedly warned that Canadians are piling on too much debt as they buy homes whose prices keep rising.

At a House of Commons finance committee meeting Tuesday, Carney warned that house prices in relation to income levels are now running 35 per cent above historical norms.

Last week, the Canadian Real Estate Association reported that seasonally adjusted sales in March rose 1.6 per cent from year-earlier levels, although the national average home price declined 0.5 per cent to to $369,677.

"It is a fact that according to CREA (the Canadian Real Estate Association) data for March, five of the 11 markets covered were rather favourable to sellers (Toronto, Hamilton, Winnipeg, Halifax and Quebec City). Overall, the Canadian market is nevertheless balanced," said National Bank senior economist Marc Pinsonneault.

Metropolitan area % change m/m / % change y/y

Calgary / -0.6 % / +1.3 %

Edmonton / -1.0 % / +1.1 %

Halifax / +0.4 % / +2.3 %

Hamilton / -0.8 % / +7.5 %

Montreal / +0.2 % / +4.4 %

Ottawa / -0.4 % / +4.6 %

Quebec / +1.6 % / +5.6 %

Toronto / 0.1 % / +10.0 %

Vancouver / -0.3 % / +6.2 %

Victoria / -1.1 % / -1.7 %

Winnipeg / +0.2 % / +8.2 %

National Composite / -0.2 % / +6.1 %

Source: Teranet-National Bank National Composite House Price Index

Cat: Vancouver Real Estate

Thursday, May 3, 2012

Metro Vancouver housing market remains balanced despite sharp sales drop: report

Local homes sales are in a balanced state despite the lowest April sales numbers since 2001, according to a report by the Real Estate Board of Greater Vancouver.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type.”

According to the monthly report, homes sales and listings have maintained a consistent pace in recent months, contributing to the balanced conditions.

However, the report noted that Metro Vancouver sales totalled 2,799 in April 2012, a 13.2-per-cent decline compared to the 3,225 sales in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369, the board said in a release.

New listings for detached, attached and apartment properties totalled 6,056 in April, a 3.6-per-cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale.

Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April, the release said.

At 16,538, the total number of homes listed for sale increased 8.5 per cent in April compared to last month and 16 per cent above this time last year.

The benchmark price for all residential properties stood at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months.

Sales of detached properties in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, although the benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

The highest benchmark price in April for a detached home was Vancouver West at $2.27 million, followed by West Vancouver at $1.98 million.

The benchmark price of an apartment increased 1.1 per cent from April 2011 to $375,900, while the price of a townhome increased 1.7 per cent between April 2011 and 2012 to $487,300.

Meanwhile, the Fraser Valley's housing market also showed a drop in sales year-over-year, although not as sharp as in Metro Vancouver.

According to the Fraser Valley Real Estate Board, there were 1,435 sales processed in April, down five per cent from April 2011, but up slightly from 1,412 sales in March.

In April, the board added seven per cent more new listings compared to one year ago, up to 3,134 from 2,918 last year. That pushed the number of properties for sale to 10,312, the highest level since July 2010.

“To put it in perspective, in the last decade, April 2012 ranked second lowest for sales during that month, while new listings came in at the third highest, meaning it’s a good time to be shopping for a home in the Fraser Valley because selection has only been this extensive twice,” said board president Scott Olson in a statement.

According to the report, the benchmark price for a detached home in the Fraser Valley rose 5.3 per cent in the year, from $547,800 in April 2011 to $576,600 last month.

In April, the price of a townhouse was $318,400, up 1.9 per cent year-over-year, while the price of an apartment increased 0.8 per cent over the same period to $205,800.

Technorati Tags: Vancouver Real Estate Vancouver Real Estate BC Housing Vancouver Housing Housing Market

Wednesday, April 11, 2012

Vancouver Real Estate Market Update by REBGV - March 2012

Increased selection helps maintain balance in Greater Vancouver housing market

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.

At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

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Cat: Vancouver Real Estate

Technorati Tags: REBGV Vancouver Real Estate Housing Vancouver Housing Housing Market Real Estate

Three new towers proposed for Rogers Arena vicinity - Vancouver New Development

Public consultations beginning this month on the development of towers around the Rogers Arena mean Vancouver's skyline could change in an area that has seen plenty of controversy.
Aquilini Development's proposal to build three new residential and commercial towers may upset some residents, but community activist Sandy Garossino supports the idea.
She believes the project could convince the B.C. Pavillion Corporation to abandon reviving the idea of building a mega-casino in favour of condo and office tower development in Yaletown.
"We're still concerned the casino idea is going to come back," Garassino said. "There is just such a strong feeling that this is a community; this is a residential neighrbourhood."
Public consultation on the three towers will begin on Feb. 20.
While the proposed changes to the skyline and the density of the neighbourhood make the project noteworthy, it's also the first to consider what would happen if city council approves demolishing one of the two viaducts in Vancouver.
Vancouver city councillor Geoff Meggs has long championed the contentious idea of removing the viaducts in favour of more public and residential development.
He says the long-term possibility of a fourth tower where the Dunsmuir Viaduct now runs fits with the city's vision for the area.