The Metro Vancouver Real Estate Thread

[LeftCoaster]

I cant for the life of me understand how this thread doesn't already exist. Anyway if someone could sticky this it would be nice to have a centralized location to discuss commercial, residential and industiral real estate trends in the metro.

Here's somehting to kick it off:

Metro Vancouver building permits leap more than 42 percent from May to June

DAN CASSIDY, THE VANCOUVER SUN SEPTEMBER 8, 2011 8:05 AM


The value of building permits isssued in Metro Vancouver jumped by more than 42 per cent from May to June, almost entirely due to multi-family residential permits, Statistics Canada reported this morning.

The value of permits rose from $370 million to more than $529 million, the federal data-gathering agency said.

The June total represents an increase of more than seven per cent from June of 2010.

Meanwhile the value of permits issued in the Abbotsford census metropolitan area dropped by more than 82 per cent from the May total.

Nonetheless, Abbotsford's June numbers are a 91-per-cent increase over the same month last year.

The value of permits issued in the Victoria region rose by almost 17 per cent.

© Copyright (c) The Vancouver Sun

Read more: http://www.vancouversun.com/business...#ixzz1XNxl1vXn

[red-paladin]

Suburban Vancouver office market driven by rapid transit: report

Jones Lang LaSalle notes that offices near SkyTrain and Canada Line have lower vacancies, higher rents

By BRIAN MORTON, Vancouver SunOctober 18, 2011



In Richmond, the commercial vacancy rate near the Canada Line is well below half that in the rest of the municipality.
Photograph by: Ric Ernst, Vancouver Sun

METRO VANCOUVER - Proximity to rapid transit is increasingly a key factor in where new offices locate in the suburbs and Vancouver’s outlying areas, according to a report by commercial real estate services firm Jones Lang LaSalle.

“The closer, the better,” the company’s executive vice-president Ray Ahrens said in an interview after Monday’s release of the Rapid Transit Office Index. “The office buildings close to SkyTrain stations are enjoying much lower vacancies. While [it makes sense that] they [are] better occupied, we didn’t know the extent of this until we did the study.”

Ahrens said that transit is becoming increasingly popular in Metro Vancouver and “our [report] shows clear evidence that office developments located within walking distance of rapid transit have a significant advantage with less vacancy and higher rents.” More people are now commuting from downtown Vancouver to the suburbs for work, he noted.

According to the report, which addressed both suburban municipalities and the city of Vancouver’s outlying area, the direct vacancy rate for buildings within 0.5 kilometres of a rapid transit station is 4.8 per cent compared to 12.3 per cent for the rest of the market, while the average asking rents are approximately eight per cent higher.

The report noted that with a vacancy rate about one-third of areas not served by rapid transit, developers are increasingly looking to build more transit-oriented suburban office complexes.

“As downtown and Broadway corridor availability decreases and rents increase, our landlord and tenant clients are becoming more interested in transit-oriented suburban locations,” added Ahrens.

The report cited new office developments taking advantage of the trend, including in New Westminster, where three buildings are scheduled to be ready for occupancy in 2013.

The buildings, which include the new TransLink headquarters, will more than double the area’s existing ‘A’ class inventory and be adjacent to the New Westminster and Sapperton SkyTrain stations.

“We expect to see continued interest in these [suburban] developments, particularly from employers with back-office operations that do not need to be located downtown,” Ahrens said.

The report noted that a preference for rapid-transit-oriented office space is more muted in the downtown core and Broadway corridor.

“Although these markets are serviced by rapid transit, they also benefit from their central location and convenient access to other modes of public transportation such as frequent bus service and the SeaBus. Rapid-transit access, therefore, is not deemed to be a determining factor for tenants in these two regions.”

The report cited several benefits of having rapid transit near an office in the suburbs, including the ability for employees to save money on travel costs, and the ability to live in a more affordable suburban neighbourhood.

The report looked at several suburban municipalities, including Surrey, Burnaby, New Westminster and Richmond......

.....bmorton@vancouversun.com
© Copyright (c) The Vancouver Sun

http://www.vancouversun.com/business...744/story.html

House values skyrocket in Vancouver's Cambie corridor
CBC News
Posted: Oct 27, 2011 10:51 AM PT
Last Updated: Oct 27, 2011 10:55 AM PT

Ten home on Cambie Street near 41st Avenue recently sold for $3.4 Million, nearly three times their assessed value. Ten home on Cambie Street near 41st Avenue recently sold for $3.4 Million, nearly three times their assessed value. ((Steve Lus/CBC))

Six months after Vancouver City Council approved a plan to transform the Cambie Street corridor, homes in the area have nearly tripled in value and some residents fear development will ruin the neighbourhood.

Last May the council passed a plan to bring 15,000 more people into the Cambie Street corridor through mid-rise development.

Then last month a block of 10 homes along Cambie Street near 41st Avenue sold for $3.4 million a piece – nearly three times their previously assessed value — and neighbours say they're growing tired of being pressured to sell by developers and real estate agents.
5100 Cambie Street
Cambie Street

Janice Douglas says she expects a six-storey building will soon be overlooking her single family home.

"We've got people looking in our back yard, looking in our bedroom, and we will never see the trees again — nor will we have any more sunshine," Douglas told CBC News.

Many residents don't want to move and feel ignored by the city as developers move in, looking to tear down the single family homes, she says.

"People come here for the beauty. Well the beauty is rapidly disappearing," said Douglas.
Canada Line driving changes

City planner Brent Toderian says he appreciates the concerns and the city is trying to cool down land speculation in the neighbourhood.

Toderian says the city has been meeting with developers and realtors to discuss land transactions after getting wind of some very high deals negotiated in the months after the Cambie corridor plan was approved.

He says the final prices didn't appear to have factored in community amenity contributions the city negotiates with developers in order to pay for infrastructure and services associated with increased density......

http://www.cbc.ca/news/canada/britis...eculation.html

[SpongeG]

Excess condos weigh heavily on local market

By ERICA BULMAN, 24 HOURS

B.C.’s once booming housing market is the nation’s new weak spot, with prices and sales dropping in previously red-hot Vancouver, according to a Bank of Montreal report released Monday.

Though Canada will likely avoid a crash, the condo market in pricey Vancouver is worrisome because capacity is significantly overbuilt, the report said, citing the new Olympic Village condos, currently about 60% sold.

Over the past decade Vancouver home prices have skyrocketed 159%, more than 50% higher than the national average. And the city’s price-to-income ratio has doubled.

This explains why the city is ranked second priciest, after Hong Kong, among 325 urban centres according to Demographia, which annually issues an international housing affordability survey that compares housing prices to incomes, the bank report said.

...

http://vancouver.24hrs.ca/News/local.../19315971.html

[SpongeG]

this has been floating around facebook and tumblr etc. it comapreas what 2.1 will buy in other places - basically mansions

Absurd Vancouver Property of the Week

http://thethirtiesgrind.com/2012/04/...of-the-week-2/


Listing price: $2.1 Million

[SpongeG]

BC real Estate cooling down

video here

[twoNeurons]

Originally Posted by SpongeG

BC real Estate cooling down

video here

Is it just me, or does that video sound like it's trying to soften the blow? It's reporting the decrease, but quickly moves on to how places like Regina's house prices increased. I don't think Regina saw the insane increase over the past 10 years... so it seems a little specious.

[Vestry]

Originally Posted by twoNeurons

Is it just me, or does that video sound like it's trying to soften the blow? It's reporting the decrease, but quickly moves on to how places like Regina's house prices increased. I don't think Regina saw the insane increase over the past 10 years... so it seems a little specious.

The difference is that the housing increases in the prairies have been accompanied by substantial median income increases.

[logan5]

Here's some more positive news to follow up the story from last September - see post #1

B.C issues highest number of building permits since 2007
Permits reached $4.4 billion up to May this year

By Gordon Hoekstra, Vancouver Sun July 6, 2012

British Columbia municipalities issued building permits in the first five months of 2012 at levels not seen since before the global recession.

Up to May of this year, permits reached $4.4 billion in B.C., a level not seen since the same period in 2007 when permits were more than $5 billion, according to Statistics Canada figures.

Building permits — which indicate an intent to build, not actual construction — sunk to $2.4 billion in the first five months of 2009.

The value of building permits in May this year alone, at $1.09 billion, accounted for nearly half of the 2009 five-month total. The value of the May 2012 permits is an increase of 35.8 per cent over the same month in 2011.

The increase in the value of permits in May this year was even greater in residential construction in B.C., hitting $660 million, a 45.6 per cent increase from May 2011.

The increase in total building permits in the Vancouver metro area in May year over year jumped a whopping 112.3 per cent to $781.8 million, according to Statistics Canada.

“It’s a sign of optimism, certainly in the Lower Mainland. People don’t build or invest in construction services unless they are confident in the future,” said Independent Contractors and Businesses Association president Philip Hochstein.

“I think if you look around the world, British Columbia is a bit of an oasis in the [economic] storm ... That’s translated into people interested in construction [here],” he said.

An indication of the construction interest — beyond the permit numbers — is the number of cranes that are going up in the Lower Mainland, added Hochstein.

The independent contractors association estimates the number of cranes will peak at 142 in the Lower Mainland in November 2013, well above the 78 cranes that were counted in 2005-2006 before the financial meltdown...

http://www.vancouversun.com/business...279/story.html

[littlewenzi]

I was looking at trapp & Holbrook, but missed out on 2 different units and it is now sold out of the one I want

The trapp deal was pretty good, move in next month, $250k, 1 bedroom.

I am having problem finding one that I really like, so wondering if you guys have any suggestions. I do have a few criteria though:

1. Close to skytrain (5-10 mins walking distance to skytrain)
2. Not Surrey or Coquitlam
3. Highrise ( >5 floors)
4. Under 300K

I'd prefer downtown New West, but looks like there is not many development going on there now. I found one (elliot street by censorio), but there isn't any pricing info on it.
It would be even better if it was mixed use (ie. shopping mall underneath )
Gotta love living on top of a mall, missed that a lot.

So much help appreciated.

Thanks.

[TourOdeon]

Introducing RiverSky by Bosa


((Edited by red-paladin: photos were not sourced, so removed))

[red-paladin]

TourOdeon: source links are required.

[PaperTiger]

If you want move in ready. Northbank. They have some really good floor plans and the pricing per square foot should be similar to Trapp & Holbrook. The units are a little bit bigger though.

[BodomReaper]

Not sure if you're looking for move-in ready? SoLo Distict had some 1 bedrooms for just under $300k but they might be all gone. If you're ok with a presale, check out the Brewery District - there are some very affordable 1 beds there, and most of the commercial components are already occupied. Also see The Park (in Metrotown).

Would also echo Northbank, but its immediate surroundings are very shabby.

[Klazu]

I think this thread could be merged with the Real Estate Thread.

[TourOdeon]

I am also looking to upgrade my studio condo in downtown to a 2-bedroom as I just got engaged... I cant decide between Lonsdale Quay and Brentwood. Some thigs that are important to me are:
- connectivity to downtown via transit
- proximity to a public elementary school
- proximity to a public park for walking my dog
- safe area

The only thing is that my fiancee works in New Westminster, and driving from North Van to New Westminster might be a nightmare for her. I have no problem taking the seabus to work in Downtown. But I sure do love the view of the water from Lonsdale Quay.

[osirisboy]

Possibility of a market correction seems low says cmhc

http://www.vancouversun.com/touch/st...ml?id=11017859

[whatnext]

Originally Posted by TourOdeon

I am also looking to upgrade my studio condo in downtown to a 2-bedroom as I just got engaged... I cant decide between Lonsdale Quay and Brentwood. Some thigs that are important to me are:
- connectivity to downtown via transit
- proximity to a public elementary school
- proximity to a public park for walking my dog
- safe area

The only thing is that my fiancee works in New Westminster, and driving from North Van to New Westminster might be a nightmare for her. I have no problem taking the seabus to work in Downtown. But I sure do love the view of the water from Lonsdale Quay.

What about the Marine Gateway area? Elementary school a couple blocks away, right on Canada Line and if your fiance decides to take transit the 100 bus goes right to New West. Fairly close to Fraser River Dog Park.

[red-paladin]

I've merged the 'Suggest a place for me please' thread in here as Klazu is right.
I've also removed the photos from TourOdeon's post as they were not sourced.

[Pinion]

Originally Posted by TourOdeon

I am also looking to upgrade my studio condo in downtown to a 2-bedroom as I just got engaged... I cant decide between Lonsdale Quay and Brentwood. Some thigs that are important to me are:
- connectivity to downtown via transit
- proximity to a public elementary school
- proximity to a public park for walking my dog
- safe area

The only thing is that my fiancee works in New Westminster, and driving from North Van to New Westminster might be a nightmare for her. I have no problem taking the seabus to work in Downtown. But I sure do love the view of the water from Lonsdale Quay.

If she works 9-5 the commute is pretty bad over second narrows but not worse than most suburbs. Should get better with the three new interchanges. Lions Gate is the real disaster. When people complain about second narrows it's usually those who work on the north shore and want to go east in the evening - that is a giant mess, ironically due to accidents near Brentwood most of the time.

Lonsdale and Brentwood are different in just about every way so it really depends on what your values are. Schools, parks and safety will all be better on Lonsdale. Commute for her will be worse.

If you don't drive, Brentwood definitely has a leg up due to skytrain access. If you value living in an ethnically diverse neighbourhood instead of a homogenous one then Lonsdale is an easy choice. If you want more of a real town feeling than a cosmopolitan set of pretty glass towers then Lonsdale is also an easy choice.

My wife and I love Lonsdale (she's a Kits convert), hate the bridges. We considered Brentwood but the lack of real neighbourhood feel and cultural diversity were killers. As appealing as living in a brand new tower 40 storeys up sounded, it doesn't really matter in day to day life.

[Klazu]

I cannot figure out how much indoor living space this one suite has. How does one interpret the following MLS data when the suite has an outdoor balcony?

Finished Floor Area Main: 1,110 SqFt
Total Finished Floor Area: 1,110 SqFt
Unfinished Floor Area: 0
Grand Total Floor Area: 1,110 SqFt

My problem is that there is an add for a suite few floors down that looks in pictures identical, but is said to be only 958 SqFt. Could this place we including the outdoor balcony in total or can a MLS listing information be trusted to the letter?

The suite has a very good layout and we think we could fit in despite having to downsize quite a bit. I just cannot be it would be 958 SqFt in the context of other places we have seen in the same SqFt ballpack. I am confused on what to trust.