Surrey leads housing starts in Metro Vancouver ...
Surrey:
Housing starts in Metro Vancouver are up four per cent from last
year so far, but builders are bracing for darker days ahead as the
financial storm intensifies.... multi-family units accounted for
more than 80 per cent of the 17,510 starts to the end of October....
the single largest number of units started (4,876) were in Surrey,
followed by Vancouver, Richmond, Burnaby and Coquitlam...
cont... |
Densification coming to West Vancouver: re-elected mayor ...
West Vancouver:
Pamela Goldsmith-Jones, who was re-elected Saturday as West
Vancouver's mayor, would like to see a shift in thinking when it
comes to the types of housing being built in the affluent
municipality.... instead of allowing more massive single-family
homes to be built on the uplands and on existing properties
throughout the community, Goldsmith-Jones favours the idea of new,
multi-family dwellings and converted carriage houses...
cont... |
RealtyTV Interviews Steve Jagger about I.T. Social Networking for
Realtors ...
Vancouver:
RealtyTV Interviews Steve Jagger about Social Networking.... talking
about social networking tools like Twitter and Facebook...
cont... |
Video:
Construction on luxury condo development (Jameson House) stalls ...
Vancouver:
Despite pre-sales of over 70%... the extravagant design features and
the $3 million average condo price have likely played major roles in
financing being pulled by one of the projects major lenders...
cont... |
New Vancouver mayor vows to end homelessness ...
Vancouver:
Vancouver's new Mayor Gregor Robertson will lead the city into the
2010 Winter Olympics, after defeating rival Peter Ladner in
Saturday's civic elections. But first, he wants to solve an issue
that has dogged his predecessors.... "We will bring out brightest
minds together and end homelessness in Vancouver,'' said Robertson...
cont... |
$100m loan leak likely aided Robertson ...
Vancouver:
A secret Vancouver city council vote to lend the Olympic Athletes
Village developer $100 million likely propelled Gregor Robertson
into the mayor's chair.... the news of the city's controversial
loan, leaked to the media just nine days before the election,
immediately overtook other campaign issues...
cont... |
Mission elects pro-development slate to council ...
Mission:
Pro-development candidates won every council seat tonight in
Mission, home to the ongoing Silverdale controversy.... of the five
incumbent council members who ran for re-election, only Scott Etches
was not returned to power.... he and retiring councillor John
Pearson will be replaced by development-friendly candidates Danny
Plecas and Mike Scudder...
cont... |
Abbotsford, Langley, Surrey talk light-rail transit ...
Fraser Valley:
When city councillors in Abbotsford got together early this month
and laid the tracks for the city’s transportation future, it was
another sign of the growing gap between provincial transportation
policy and public opinion south of the Fraser.... Abbotsford gave
the thumbs up to a plan to explore light rail transit throughout the
region. Yet the concept is nowhere to be found in the provincial
government’s long-term transit plan...
cont... |
Vancouver's mayor-elect promises hearing on Olympic village deal ...
Vancouver:
"I've made a commitment to hold a public council meeting within 30
days of being sworn in to put all the appropriate information on the
table, so we can start restoring public confidence in the Olympic
village deal and make sure taxpayers know how money is being spent
without jeopardizing the deal or compromising any of the city's
legal obligations," said Robertson...
cont... |
Bad investments by strata councils hurt condo owners ...
Greater Vancouver:
Owners of two B.C. condo complexes have lost substantial amounts
from their reserve funds after making risky investments.... the
strata councils (one in Vancouver and the other in the Okanagan)
were lured by the prospect of high returns and now have to answer to
condo owners about huge losses caused by the global financial
meltdown... and other strata councils may be facing similar problems...
cont... |
Video:
New York Real Estate Developer Donald Trump helps homeless BC
resident ...
Kamloops:
The story of a struggling one-legged homeless man (Paul Lyons) in BC
inspires Donald Trump to help a homeless Kamloops man ...
cont... |
Kevin Falcon promises detailed review on possible SkyTrain or light
rail exstension to Surrey and Langley ...
Surrey - Langley:
Transportation minister Kevin Falcon is promising a detailed review
of whether SkyTrain or light rail technology should be used to
extend rapid transit through Surrey to Langley and in Vancouver to
UBC.... TransLink is expected to issue a proposal call soon for
consultants to carry out the work, which could take several months...
cont... |
Development top concern at candidates meeting ...
Mission:
Mission is growing, and it seems residents believe this community is
just at the tip of it all. Like the mayoral debate, the majority of
questions council candidates faced last Wednesday night related to
development...
cont... |
Uncertainty in Financial/Equity Markets Impact October M.L.S. Home
Sales ...
Greater Vancouver:
The British Columbia Real Estate Association (BCREA) reports
residential sales dollar volume on the Multiple Listing Service in
BC declined 54 per cent to $1.69 billion in October, compared to
October 2007. Residential unit sales were down 51 per cent to 4,018
units during the same period. The average MLS residential price in
the province was $420,259, down 6.5 per cent from October 2007...
cont... |
Wilderness Committee scientist warns about Bill 11 Phased
Development Agreements ...
Greater Vancouver:
Wilderness Committee staff scientist Andy Miller believes municipal
political candidates should get educated on Phased Development
Agreements.... "I think a citizen should...ask council and mayoral
candidates if they know the municipal implications of Bill 11, and
in particular Phased Development Agreements, and the creation of new
micro-municipalities within municipalities to give corporations free
reign over development decision making...
cont... |
Mortgage Brokers Association of BC cautious about incentive programs ...
BC:
The Mortgage Brokers Association of BC is urging people to be
cautious about incentive programs designed to lure buyers into new
homes.... association president Brian Peterson says incentives have
become much more common as of late... Peterson says some incentives
may actually force lenders into a larger down payment when it comes
to securing a mortgage...
cont... |
Okanagan leads fall in B.C. real estate values ...
Okanagan:
Prices have dropped the most in the Okanagan, more than 11 per cent
since October last year, where the number of listings is at an
all-time high...
cont... |
Fortress Investors Ask to Pull 25% of their Cash ...
Fortress Investment Groups' hedge fund
clients have asked to pull more than $4.5 billion, or 25 percent of
their money, over the next few months as the company reported its
first quarterly loss since going public... Fortress is one of the
companies involved in the financing of Vancouver's Olympic Village ...
cont... |
Mayoral
candidates clash over differing housing visions ...
Vancouver:
The issues of homelessness, affordable housing and crime reduction
have dominated municipal debates in this election, and the current
economic downturn has forced all parties to carefully reconsider
spending ...
cont... |
Union:
Funding shortages the cause of Surrey seniors home bed closures ...
Cloverdale:
The B.C. Government and Service Employees Union is charging that
underfunding from the B.C. Liberal government... not aging physical
facilities.... is behind the recent closure announcement of 71 beds
at the Zion Park Manor in Surrey.... the union, which represents 140
care givers at Zion wants the Campbell government to overturn a
decision by the Fraser Health Authority to close the beds and
properly fund the Cloverdale facility ...
cont... |
P3 threshold increased in British Columbia ...
BC:
The B.C. government is increasing the threshold for
provincially-funded capital projects that are to be considered as a
public-private partnership (P3s).... now all public sector capital
projects with a value of $50 million or more must be reviewed by
Partnerships BC.... the previous threshold for consideration as a P3
was $20 million ...
cont... |
Depreciation of city condos expected to exceed that of suburban
houses ...
GreaterVancouver:
Condo owners in downtown Vancouver are at greater risk for price
depreciation than single-family homeowners in the suburbs, a BMO
Capital Markets economic analyst said Tuesday.... "Condo prices
could drop faster because of overbuilding," Robert Kavcic said in an
interview. "When you have excess in the market, that pushes prices
down....
cont... |
Madison Pacific Properties Inc. Announces Nine Months Results ...
Vancouver:
Madison Pacific Properties Inc., a Vancouver-based real estate
company, has announced the results of operations for the nine months
ended September 30, 2008.... the Company is reporting net income
from continuing operations of $3,007,000 for the nine months ended
September 30, 2008 compared to $4,196,000 for the same period in
2007 ...
cont... |
Vancouver council candidates demand release of Olympic village
documents ...
Vancouver:
As an increasingly bitter municipal election campaign headed into
its final three days, Vision Vancouver yesterday demanded the
release of documents from the bidding process that led to city
council's selection of the developer for the 2010 Olympic athletes
village ...
cont... |
Little Mountain Development moving forward, but some area residents
skeptical ...
Vancouver:
The six-hectare site near Vancouver's Queen Elizabeth Park is the
first in a provincial housing strategy that aims to replace ageing,
underdeveloped social housing sites with densified mixed market
properties as a way of raising cash for social housing.... "They
have no concrete plan" says Ingrid Steenhuisen, who grew up at
Little Mountain.... "We've been given no notice of delays of any
kind," says Dale McMann, B.C. Housing's regional director for the
Vancouver region ...
cont... |
Caution describes sentiments in the Canadian real estate market ...
While the US real estate market is
bottoming out, according to the annual Emerging Trends in Real
Estate 2009 report released by PricewaterhouseCoopers (PwC) and the
Urban Land Institute (ULI), Canadian real estate industry players
are approaching 2009 with caution, but are somewhat more positive ...
cont... |
Vancouver Property Endowment Fund allegedly taped out ...
Vancouver:
Frances Bula reports that Vancouver didn't raid the city's
much-valued Property Endowment Fund as a source for a potential
$100-million loan to the builder of the city's Olympic athletes
village... because the fund's almost $200-million in cash reserves
have already allegedly been depleted to pay for what the city has to
build on the site ...
cont... |
Video:
Seafield Apartments caught in renovation/eviction controversy ...
Vancouver:
A plan by the owner to substantially renovate the Seafield
Apartments and the resulting eviction of tenants...
cont... |
C.R.E.A. forecast: BC home prices to decline by 7.8% ...
CREA (the Canadian Real Estate
Association) is predicting house prices in B.C. will drop by 7.8 per
cent next year, compared to 2.1 per cent in Canada overall. And
Vancouver could see a 10 per cent price drop. Cameron Muir of the
B.C. Real Estate Association says the climate for buyers hasn't been
this good for a long time. "That enables the home buyer to have
enough time to do their due diligence ...
cont... |
A North Vancouver Realtor appears to be the victim of a targeted
shooting ...
North Vancouver:
Kenn Buxton was "shot more than once" shortly after 9:30 p.m. at his
home near Seymour River Place, according to police. Although still
early in the investigation, a spokesman for the Mounties said the
shooting bears the "hallmarks of a targeted attack." ...
cont... |
Some Mission residents concerned about 20 year contract in
Silverdale development plan ...
Mission:
Some residents have expressed outrage at the council’s intention to
sign a 20-year contract with Genstar and Madison. The contract
allegedly allows the municipality to grant irreversible zoning
rights to developers in exchange for amenities, such as parks and
trails. If instituted, the agreement would be the first of its kind
in BC.... Dr. Tracy Lyster, a local resident and spokesperson for
the Citizens Against Urban Sprawl Society, said the contract would
"guarantee zoning to Genstar for 20 years regardless of what six or
seven future councils deemed to be in our best interest ...
cont... |
Ritz-Carlton neighbor files suit: Citing its building may suffer a
"loss of structural integrity" and a decline in value ...
Vancouver:
In a suit filed last month in the Supreme Court of British Columbia,
owners of a building at 1185 West Georgia St., directly west of the
construction site for the more than $500-million Ritz-Carlton
project, claim developer Holborn Group trespassed on their property
to expand an underground parking structure... and as a result, their
own building may suffer a "loss of structural integrity" and a
decline in value, the plaintiffs claim ...
cont... |
Vancouver Chrysler cites rent issues for Main Street location
closure ...
Vancouver:
A combination of Vancouver real estate prices and global economics
will force a longtime Chrysler dealership on Main Street to close
its doors for good next month.... about 50 employees of Vancouver
Chrysler are looking for work after the 20-year-old dealership
reluctantly announced it could not come to terms with ...
cont... |
BMO forecast: BC Housing starts to decline by 25% ...
BC:
B.C.'s housing starts have to fall by about 25 per cent from current
levels to return the market to sustainable numbers, according to a
BMO Capital Markets survey released Tuesday ...
cont... |
Memo to next mayor: Leave the real estate game to the Professionals ...
Vancouver:
If the city had simply sold the Olympic Village land for $160
million to $190 million to a qualified developer, it would have
received the cash long ago. It would have been able to get amenities
and social housing through zoning, without the development risk the
city has now assumed. The next mayor needs to ask a hard question:
If Vancouver's politicians and bureaucrats had stuck to governing
the city, rather than playing real estate entrepreneurs, would we
even be having this conversation? ...
cont... |
The Tough Guy of BC Real Estate ...
New Westminster:
You may not know him by name, but if you’re looking to buy
recreation property in British Columbia, you’re likely to cross
paths with Rudy Nielsen. Climbing back from the brink of collapse in
the early 1980s, the former real estate agent now markets his
expertise to private investors – and even to the provincial
government... but Rudy Nielsen has had his fair share of ups and
downs ...
cont... |
Green roof completed for Vancouver convention complex ...
Vancouver:
Last week, the premier of British Columbia, Gordon Campbell, took
part in a ceremony marking the completion of the 2.5 hectare green
roof atop the Vancouver Convention & Exhibition Center. “The living
roof … is going to be something that is recognized around the
world,” said Campbell, according to Canada's Metro News. The
Vancouver venue will 350,000 plants and grasses native to British
Columbia. The plants grow in a 6-inch deep layer of sand, mulch and
lava rock that are irrigated by 27 miles of piping ...
cont... |
Peter Simpson on Silverdale: So much to lose, so much to gain ...
Mission:
Silverdale is one of the most innovative projects in the Lower
Mainland. Its primary developer, Genstar, has been developing
quality communities in Canada for 50 years, including Boundary Park,
a jewel of a neighourhood in Surrey. It has owned property in
Mission for more than 35 years. Genstar has done its homework on
Silverdale, completing more than 30 technical studies on a range of
topics related to the core sustainable principles of social,
economic and environmental values ...
cont... |
Shoddy Repairs Make Leaky Condo's Worse ...
Langley:
Owners of a condo project in Langley are suffering from mistakes
made in a previous repair, which now have to be re-done, and the
delay has resulted in construction costs rising significantly -- so
now each owner faces a bill of up to $70,000 each, much higher than
the original repair plan of just $2,500 each ...
cont... |
Gregor Robertson vows to stand up for renters' rights ...
Vancouver:
Vision Vancouver's Gregor Robertson took a stand on renters' rights
in the city's West End. He paid a visit to the Seafield Apartments
Sunday to support tenants who say they're being evicted so the
landlord can make minor renovations and raise the rent. Robertson
says he'd put a stop to that ...
cont... |
Peter Ladner: "I am prepared to lose this election to save this
project" ...
Vancouver:
“If necessary, I am prepared to lose this election to save this
project and protect this city’s taxpayers. It is not appropriate to
go public with this thing now,” Ladner told a gathering of press and
supporters at his party’s headquarters. Coun. Ladner, who chairs
Vancouver’s finance committee, sought to shift attention away from
the city’s ongoing effort to conceal a widely reported deal to bail
out the developer of the $1.1 billion condo project, and toward
opponent Gregor Robertson’s calls to disclose the deal ...
cont... |
Contractors put liens on Millennium's Evelyn Drive project ...
West Vancouver:
Questions are being asked about the financial outlook of West
Vancouver's controversial Evelyn Drive development after a general
contractor and at least two sub-contractors placed liens on it to
get hundreds of thousands of dollars they say they are owed for work
on the stalled project. The Millennium Developments insists,
however, that its financing is in place. Kindred Construction filed
the claim for almost $230,000 in the New Westminster land title
office ...
cont... |
Gregor Robertson calls for end to Olympic Village loan secrecy ...
Vancouver:
Vision Vancouver mayoral candidate Gregor Robertson sent a letter to
Coun. Peter Ladner, the Non Partisan Association’s mayoral nominee,
calling for an end to the secrecy surrounding the city’s
$100-million loan to the developer of the Olympic Village. In the
open letter, Robertson asks his political rival five questions ...
cont... |
Video:
Shahram Malek of Millennium Developments says taxpayers are not at
risk for the Olympic Village loans ...
Vancouver:
Millennium Development director Shahram Malek said Vancouver
taxpayers won’t get stuck paying the tab for up to $100 million
worth of loans the city has offered his firm in order to keep
construction of the Olympic Village on schedule ...
cont... |
Phase 1 of Miramar Village development units 90 per cent sold ...
White Rock:
According to Bosa Properties’ Daryl Simpson, vice-president of sales
and marketing; approximately 90 per cent of the 225 homes in Miramar
Village (17- and 21-storey towers) are now sold, and an occupancy
permit for those homeowners is expected in the coming weeks. Should
this indeed occur as scheduled, homeowners will begin moving into
their homes in early December ...
cont... |
Vancouver convention centre about $400 million over budget ...
Vancouver:
Vancouver’s new convention centre is projected to cost almost double
the amount originally forecast, but B.C. Premier Gordon Campbell
thinks citizens shouldn't worry. Campbell revealed Thursday the
current budget for the convention centre is $883 million, about $400
million more than originally budgeted ...
cont... |
Rezoning approved for $1 Billion Richmond development ...
Richmond:
Despite global economic uncertainty, a Malaysian developer remains
committed to building a $1-billion, five-tower, residential project
in downtown Richmond that will feature a 33,000-square-foot
community centre and a 22,000-square-foot university campus...
Richmond council unanimously approved the rezoning, meaning the
600-unit structure north of Westminster Highway and west of No. 3
Road could commence pre-loading work by the spring... though the
land has been rezoned, the developer must still obtain a development
permit ...
cont... |
Ivanhoe Cambridge Breaks Ground on $170 million Metrotower III in
Burnaby ...
Burnaby:
Ivanhoe Cambridge, the owner, developer and manager of the
Metrotower Office Complex in Burnaby, has announced that it is
developing the complex’s third office tower, Metrotower III.
Occupancy of the 29 storey office tower is expected in summer 2011.
This development represents a $170 million investment for Ivanhoe
Cambridge. Once completed, this Office Complex will add nearly
400,000 square feet of ‘AAA’ Class office space ...
cont... |
CEO of Ledingham McAllister comments on the current credit crunch ...
Vancouver:
Ward McAllister, president & CEO of Ledingham McAllister, one of the
province’s largest development companies comments on the current
state of the credit crunch affecting BC construction companies;
“I always thought the world-wide banking system was built on very
strong concrete, but it wasn’t,” said McAllister. “It wasn’t even
built on quick sand. It was built on a lot of people leveraging on
their commitments.” ...
cont... |
City of Vancouver authorizes lending of up to $100-million to rescue
Olympic Village ...
Vancouver:
The City of Vancouver has authorized lending up to $100-million to
rescue the financially troubled Olympic athletes village project,
The Globe and Mail has learned. Council gave the city manager the
mandate to advance the project's developer the money to help cover
cost overruns and other shortfalls... it has already advanced nearly
$30-million... details of the city's involvement in bailing out the
project's Developer have until now been kept secret ...
cont... |
Granville Loop Study plans major changes for south-end of Granville
strip ...
Vancouver:
The next couple of years could see some major changes in the seedy
south end of the Granville strip... one Developer wants to tear down
the Cecil Strip Club and replace it with mid-market condos, in
exchange for fixing up and giving the City 44 SRO social housing
units in the neighbouring Yale Hotel. Rize Alliance spokesman Will
Lin says the area is set for change, especially with City Council
considering changing the Granville Bridge area, "It's called the
Granville Loop Study ...
cont... |
Housing development at B.C. Place may redefine livability ...
Vancouver:
Vancouver has never seen a neighbourhood like this. While the city
has managed to balance residential and entertainment land uses in
areas such as Robson and Davie streets, Vancouver city planning
director Brent Toderian says that the future housing development at
B.C. Place Stadium will break new ground in redefining livability...
some 1,200 residential units are expected to rise at the stadium’s
site at the northeast end of False Creek, a district that Toderian
noted will become an entertainment, sports, and cultural centre ...
cont... |
26 Tips To Help To Make Your Home Sell Faster ...
Greater Vancouver:
When selling a home (or anything else for that matter), the
marketing effort must be coordinated on all fronts. It also must be
superior to the competition. This is especially true in a buyers'
market where the homes sitting on the market seemingly outnumber the
potential home buyers. In such an environment, you must lift your
home out from this crowd and highlight it in the best way possible ...
cont... |
Metropolitan Towers in Vancouver certified as BOMA BEST Level 1 ...
Vancouver:
Metropolitan Towers at 930 Seymour in Vancouver is the first
multi-unit residential building to receive the BOMA BEST Level I
certification in the Lower Mainland by the Building Owners and
Managers Association (BOMA) of Canada. BOMA BEST is a new program,
which combines the old Go Green and Go Green Plus green building
certification programs ...
cont... |
Report: People still intending to buy real estate ...
Greater Vancouver:
Homes are no longer selling at a record-breaking pace for record
setting prices, but that doesn't mean people don't have plans to
buy. A new Ipsos Reid survey shows that the number of people who
intend to buy is holding steady ...
cont... |
Vancouver housing prices down 8.8% since May ...
Greater Vancouver:
Housing prices have fallen 8.8 per cent in the Vancouver area since
May, according to new figures from the Real Estate Board of Greater
Vancouver. The overall residential benchmark price in the region in
October was $518,668, the real estate board said in a release
yesterday afternoon, down about $50,000 from $568,411 in May ...
cont... |
Premier Gordon Campbell promises 4 point homeowner help plan ...
Whistler:
In a speech delivered to the B.C. Liberal Convention in Whistler
Sunday, the Premier promised more help for homeowners to get through
the tough economic times. "I want to tell you today that we're going
to take four additional steps," Campbell told the convention. The
first step involves giving all homeowners -- with 15 per cent equity
in their homes -- the option to defer property tax payments for up
to two years ...
cont... |
Silverdale development vote delayed until Dec. 9 ...
Mission:
The District of Mission has recessed the public hearing on the
controversial Silverdale urban development until Dec. 9. Strong
public interest in the controversial Neighbourhood One and 20-year
Phased Development Agreement with developers Genstar and Madison
drew more than 200 speakers to six days of public presentations ...
cont... |
Metro Vancouver board wants to keep UBC Farm growing ...
Vancouver:
Supporters of the UBC Farm got a major endorsement when Metro
Vancouver directors unanimously approved a motion to protect the
last working farm in Vancouver. The Metro Vancouver board voted to
send the University of B.C. a letter in "support of a long-term role
for the existing Centre for Sustainable Food Systems at the UBC
Farm" and suggesting its 24 hectares be designated for agricultural
use ...
cont... |
Massive False Creek upgrade given green light ...
Vancouver:
Work is expected to begin almost immediately on the first phase of a
massive $65 million redevelopment plan for the northeast corner of
Vancouver's False Creek. Vancouver city council approved the
multi-million dollar redevelopment Thursday night that includes a
new retractable roof for B.C. Place, the 25-year-old stadium that
will be used for the opening and closing ceremonies of the 2010
Olympic Games. PavCo, the crown corporation that controls B.C. Place ...
cont... |
Berezan Management plans $1.6 Billion residential/commerical for
Surrey Center ...
Surrey:
Despite the global credit crunch, a developer is poised to invest
over a billion dollars into Surrey city centre in the coming years.
Berezan Management Ltd has announced it plans to invest $1.6 billion
over the next 10-15 years into a huge commercial and residential
complex. The project would be located at the corner of King George
Highway and Fraser Highway, at the last SkyTrain station ...
cont... |
Vancouver City votes to allow rezoning for lane-way rental homes ...
Vancouver:
Vancouver could see its first laneway housing rental properties in
about a year after city council unanimously approved the citywide
pilot project Thursday night. There are 70,000 single-family homes
in the zones throughout the city that could accommodate laneway
housing, but Anton said it's too early to speculate on how many
units the city could have ...
cont... |
Video:
How Realtors can use the latest in technology to improve their
business ...
Vancouver:
The Real Estate Technology Meetup in downtown Vancouver had 3 tech
savy Realtors on stage for a question and answer period about the
technology they use, their success and failures, their use of the
web, thoughts on technologies like Twitter, Facebook, Linkedin,
YouTube, Viddler, Blogging plus much more ...
cont... |
Tips For
Potential Buyers of Pre-Completion or Pre-Sale Housing ...
Greater Vancouver: In
these turbulent financial times, buyers of pre-completion or
pre-sale housing should exercise extra caution when considering
entering into a Contract-of-Purchase-and-Sale...
cont... |
Softening prices will give first-time homebuyers a break ...
Greater Vancouver:
Sliding house prices in B.C. are filing the sharp edge off the
market for first-time homebuyers, Canada Mortgage and Housing Corp.
says. "First-time homebuyers have been having a more difficult time
getting into the market... this price adjustment could release some
of that pent-up demand for housing." ...
cont... |
CMHC predicts shallow real estate correction ...
Greater Vancouver:
The correction in Greater Vancouver and British Columbia real estate
markets should be shallow, according to Canada Mortgage and Housing
Corp. During CMHC's annual housing-outlook conference, held Thursday
at Vancouver's Hyatt Regency hotel, Frketich said population growth
projections still point to long-term growth in the housing market
once the pain of a correction is over ...
cont... |
Lane-way housing could help ease housing pressures ...
North Vancouver:
As mayor of the City of North Vancouver, Darrell Mussatto sure knows
how to talk up the benefits of laneway housing when he’s making a
pitch for his municipality to allow this type of accommodation... he
is well prepared to argue in support of these cottages, which are
built at the back of a property ...
cont... |
Property sales forecast to fall in 2008, bounce in 2009 ...
Greater Vancouver:
British Columbia real estate sales are expected to fall by the end
of this year, but will stage a modest recovery in 2009, according to
the latest forecast of the B.C. Real Estate Association ...
cont... |
Sky Towers' future uncertain after project fails to secure financing ...
Surrey:
Jung Developments has informed the office of the B.C. Superintendent
of Real Estate that it was unable to secure either financing or a
building permit within the one-year time frame allowed under
provincial condo marketing rules... If the Developer still wants to
proceed with the development, superintendent Jay Mitchell said Jung
will have to file a new marketing disclosure statement with her
office ...
cont... |
BC NDP pledges to build 2,400 new affordable housing units, with
more units to follow ...
BC:
Ms. James says the BC NDP would build 2,400 new affordable housing
units per year, and over 1,000 additional units per year until all
BC citizens were housed ...
cont... |
Another Public Hearing Scheduled For Controversial Mission
Development ...
Mission:
Another public hearing will be held Tuesday night to seek input on a
large housing development proposed in Mission by Genstar. The Silverdale
project is expected to double the district's population to 65,000.
It would be built in an environmentally sensitive and mostly rural
area over the next 20 years. Opponents say the development could
ruin local streams and hurt wildlife ...
cont... |
Scaled-down Extra Foods tower wins North Vancouver council approval ...
North Vancouver:
Central Lonsdale will be getting a new tower after all with the
decision by City of North Vancouver council Monday to give the
proposed Extra Foods site redevelopment the green light. The
building will only be 180 feet (55 metres) as opposed to the 240
feet (73 metres) specified in the original plan ...
cont... |
Assist-2-Sell Realty Opens New Franchise in New Westminster and
Burnaby ...
New Westminster:
Local Realtors Lyle and Sandy Longridge opened an Assist-2-Sell
franchise office in New Westminster. The new office provides full
real estate brokerage services to the greater New Westminster and
Burnaby areas but company claims to charge a lot less than
“traditional” real estate companies ...
cont... |
U.S. new home sales rise by 2.7 percent in September ...
Washington:
Sales of new homes recorded an unexpected increase in September as
median home prices dropped to the lowest level in four years. The
Commerce Department reported Monday that sales of new single-family
homes rose by 2.7 percent last month to a seasonally adjusted annual
rate of 464,000 homes ...
cont... |
BC Government to open housing offices in Vancouver ...
Vancouver:
The province has announced it is opening two tenants' information
offices in Vancouver's downtown. One will be located on Main Street,
in the Downtown Eastside, and the other on Richards Street. In a
government press release, Housing Minister Rich Coleman says ...
cont... |
David Podmore of Concert Properties: Current State of the Industry ...
Vancouver:
"The days of Builders building without their own equity are clearly
over and that's a good thing"... "we're clearly headed for a more
normal market" ...
cont... |
Renters At Risk Rally to Fight Evictions ...
Vancouver:
With a by-election, civic election and provincial election all on
the horizon -- many familiar faces were at Saturday's rally, trying
to appear supportive of the issues. But will any of them actually
commit to changing the rules to help renters? ...
cont... |
The next 5
Buyers at the Stella development to get a brand new Honda car ...
Vancouver: The Vancouver
Sun is reporting that the next 5 buyers at the Stella project at
12th and Kingsway will get a new Honda car along with their condo...
however, a check of the
Stella web
site as of noon Oct 25/08 does not yet mention a free car
promotion...
cont... |
This is the
last weekend to view this years Parade Of New Homes ...
Greater Vancouver: This
weekend is the last weekend to view this years
Parade of New
Homes; featuring 70 showhomes located at 30 development sites
across the Lower-mainland... The
Parade of New
Homes is sponsored by the Greater Vancouver Home Builders
Association...
cont... |
Superintendent of Real Estate investigating the V6A development ...
Vancouver: The V6A
development in Vancouver from Onni Developments is being
investigated by an arm of the provincial government after CTV BC
News found Onni was still selling condos even though construction at
the site had been halted ...
cont... |
Development aims to breathes new life into The Keefer ...
Vancouver: Williamson and
Cameron Watt of Two By Four Developments are teaming up to give new
life to a 100 year old Vancouver building... when they are done, the
building - they are calling it, simply, The Keefer...
cont... |
Construction halted at "The Pier" development in North Vancouver ...
North Vancouver: Work on-site
at The Pier development along North Vancouvers waterfront has
recently come to a stop... the Developer (Pinnacle International)
claims its just waiting for subdivision approval for their extensive
project. Gary Penway, the city's project manager for the
development, told the North Shore News, "They could be working
today," He explained that the Developer is fully permitted to
continue construction on the hotel and the foundations of two
eight-storey buildings nearby ...
cont... |
Vancouver Developer has big plans for Kelowna Development ...
Kelowna: A Vancouver
Developer (Aquilini Development s) has big plans for Kelowna...
despite changing sentiment in the real estate market, Aquilini is
currently moving forward with a planned 26-story high-rise near the
waterfront in Kelowna ...
cont... |
Video:
Jack Poole of VANOC talks about financing ...
Vancouver: Jack Poole of
VANOC talks about current credit conditions, commercial financing,
and 2010...
cont... |
Intrawest secures $1.7 Billion in new financing ...
Whistler: Officials at
Intrawest, the parent company of Whistler Blackcomb, announced late
Thursday that the company had completed an agreement to refinance a
$1.7 billion loan that was due on Thursday, thanks to unanimous
support from its existing lender group...
cont... |
City of Vancouver to push for more office space ...
Vancouver: Faced with a
continuing shortage of office space in Vancouver's downtown core,
the city hopes to increase office-building density, pull residential
zoning from areas and push commercial space in Yaletown...
cont... |
Gregor Robertson promises to "get tough on slumlords" ...
Vancouver: At a press
conference with other Vision Vancouver and COPE city council
candidates, Robertson detailed how the "standards of maintenance
bylaw" could be used to deal with what he called the city's
homelessness crisis. "We have to get tough on the slumlords that
refuse to keep up their buildings to safe standards," Robertson
said. "The mayor and NPA council have failed to enforce this bylaw
over the past three years and this has led to a number of buildings
deteriorating...
cont... |
Housing prices may dip until 2010 ...
Greater Vancouver:
Greater Vancouver is no stranger to real estate booms and busts.
Given the uninterrupted advance in prices since the third quarter of
2002, it's easy to forget that house prices rise and fall in tandem
with the economy...
cont... |
Market decline, tight credit, forcing some Developers to retool or
delay ...
Greater Vancouver: Some
Developers are retooling or reconsidering plans for new housing
projects as a result of a market decline and tightening credit
conditions due to the world financial crisis... some have hit
financial roadblocks and some are revamping plans to better suit
current market conditions. Others have faced delays...
cont... |
West Vancouver housing project on hold ...
West Vancouver:
Construction has temporarily been halted on a major new housing
project slated for the Park Royal area in West Vancouver. Some work
has been done on the eight-hectare site at the Evelyn project by
Millennium Development Corp., but now pre-sales are expected to
begin next spring and construction has been pushed back to
spring/fall 2009, a company spokeswoman confirmed yesterday...
cont... |
Home Builders & Tradespeople facing uncertain short-term future ...
Greater Vancouver: Peter
Simpson, President and CEO of the Greater Vancouver Home Builders
Association, expects to report current housing starts as equivalent
or higher than last year, but that next year will likely be
different. Any projects that don't clear financing will be a "stone
in a still pond" and will have a ripple effect far and wide, Simpson
said. "If they're put on the shelf, so are the jobs...
cont... |
VANOC, province partner on homeless project ...
Whistler: This week the
province and Vancouver Organizing Committee of the 2010 Olympic and
Paralympic Games announced an agreement that would reconfigure 320
temporary housing units in the Whistler athletes’ village into 156
permanent affordable housing units. After the Games the modular
units will be reconfigured with bathrooms and kitchens, and sent to
six communities, Chetwynd, Chilliwack, Enderby, Saanich, Sechelt and
Surrey...
cont... |
2 More Greater Vancouver Residential Real Estate Developments Appear to be on
Hold ...
Vancouver & Surrey: CTV
BC News is now reporting that construction on
Onni's V6A
development in Vancouver, and the Young In Developments Inc.
SKY Towers
development in Surrey are now both on hold...
cont... |
Video:
Rennie Marketing Removes its Signs from Ritz-Cartlon Site ...
Vancouver: Realtor of the
Ritz-Carlton Vancouver development (Bob Rennie) says the Developer
is just re-evaluating design changes to the buildings structure and attached parkade...
however, as you can see from
this You-Tube video by Ian Watt, it
appears Rennie Marketing has removed its marketing signage from
around the development site, possibly signaling longer-term
implications...
cont... |
Investment Group Assures Vancouver Athletes Village Still On Track ...
Vancouver: Vancouver
officials are watching closely as a financial deadline comes up
today for the U.S. lender that is backing the construction of the
city's Olympic athletes village. Fortress Investment Group, which
has provided the $750-million loan to local company Millennium
Developments to build the 1,100-unit village, is facing a
$1.7-billion loan of its own coming due today...
cont... |
Gregor Robertson outlines his position on Vancouvers homelessness &
rental housing ...
Vancouver: Gregor
Robertson says his goal is to end street homelessness by 2015 in
Vancouver... some of the steps that he says he will take if Vision
Vancouver is elected majority on November 15 are...
cont... |
Construction reportedly suspended on Ritz Carlton hotel/condo
development in Downtown Vancouver ...
Vancouver: Construction
has apparently been halted at the massive Ritz-Carlton hotel/condo
development in downtown Vancouver... however, Realtor Bob Rennie
says construction is halted due to the Developer (the Holborn Group)
re-evaluating design changes to the structure and attached
parkade... cont... |
Grow-ops: Potential Home Buyers Need To Beware ...
Greater Vancouver:
Protecting home buyers from investing in a former grow-op or meth
lab depends on each municipality's records or lack thereof, said
realtors across the Fraser Valley... Realtors are calling for action
to standardize the reporting and remediation of properties used for
illegal drug operations... cont... |
Concert Properties Acquires Income-Producing Properties ...
Vancouver: Concert
Properties is pleased to announce two recent strategic acquisitions
in Calgary, Alberta. The first is a significant multi-tenant
industrial portfolio in key Calgary locations. Comprised of seven
buildings on 20.9 acres, the acquisition totals 335,000 square feet
of industrial and office space...
cont... |
Quattro Developer Vows to Rebuild Burned Condos ...
Surrey: The developer
behind the burnt out Quattro condominium project in Surrey says he
intends to rebuild and pre-sale buyers will not be released from
their contracts. "We are going to go forward and rebuild the
buildings," Charan Sethi, the owner of the Tien Sher Development
Group Inc. told a gathering of several hundred pre-sale contract
holders on Sunday...
click here to watch video of the burning building... cont... |
Infinity condo development tied to failed US investment bank ...
Surrey: The Globe and
Mail is reporting that the Infinity condo development in Surrey
(which just filed for protection under the Companies' Creditors
Arrangement Act) has big ties to the failed US investment bank;
Lehman Bros. Inc... the Globe is reporting that Lehman brothers was
the "major financier" for the Infinity development... Lehman
Brothers, a former major Wall Street investment bank has just
recently gone bankrupt... cont... |
Infinity condo development construction halted as it seeks
refinancing ...
Surrey: The developer of
a $350-million residential/retail complex in Surrey, B.C., has filed
for protection from creditors and is seeking major refinancing. The
Infinity, developed by Jung Developments Inc., is the largest real
estate project in the city's history, comprising five towers with
1,400 units. The law firm representing the South Korean developer
Hee Yong Yang said on Wednesday its client applied for financial
protection under the Companies' Creditors Arrangement Act...
cont... |
First phase of Polygons New Delsom development sells out on opening
day ...
Delta: Polygons first
phase of its new development in Delta sells out on the first day of
its official opening. The doors to the presentation centre opened at
12 noon., and by 2:30 p.m., every townhouse had been sold. The
100-acre site bordered by Nordel Way, 82 Avenue and 108 Street is
the largest remaining undeveloped portion of urban land in Delta...
cont... |
