Blog by Mark Longpre

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BC real estate bounce-back to taper off this year, 2011

January 30th, 2010

VANCOUVER — The mortgage-rate fuelled bounce-back of British Columbia real estate in 2009 has probably used up most of the market’s growth for 2010 and 2011, according to a new estimate from the B.C. Real Estate Association.

Association chief economist Cameron Muir is forecasting provincewide sales in 2010 to increase only three per cent above a hot 2009’s results to 90,100 sales in 2010, th ...

Gold medal recovery limited by economy, affordability

January 29th, 2010

Vancouver, BC – January 29, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the first quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 6 per cent from 85,028 units in 2009 to 90,100 units this year, before declining 3 per cent to 87,500 units in 2011. Higher home prices and rising mortgag ...

Homebuilding poised for revival

January 23rd, 2010

METRO VANCOUVER - The Onni Group kicked off 2010 by launching three new suburban highrise condominium projects, Polygon Homes laid out a plan to increase its construction by 20 per cent, and across the industry builders are ramping up activity.

It’s not so much a new building boom, though, as a crawl up from the dismal bottom of 2009, which saw builders start work on just 8,339 new homes in ...

Vancouver real estate hot; not yet overheating

January 22nd, 2010

VANCOUVER - Metro Vancouver’s real estate market warmed up considerably at the end of 2009, but likely won’t overheat as 2010 progresses, new data released Friday by the Conference Board of Canada suggests.

While Metro Vancouver home sales in December tracked a pace that was nearly three times higher than sales last January, board senior economist Robin Wiebe said new listings also rose ke ...

Big city, small condos

January 22nd, 2010

VANCOUVER -- It could be the start of a new reality-television series: Call it "Big City, Small Condos."

Two Vancouver property firms are expected to formally announce Monday the million-dollar creation of 30 so-called "micro-lofts" in the Downtown Eastside.

At approximately 270 sq. ft. — about the size of two municipal parking spaces — the market rental units will be the smallest in the ...

Building construction costs down

January 20th, 2010

VANCOUVER — Last year’s recession dried up enough plans to build new buildings and erased enough construction jobs to take a substantial bite out of the cost to build new buildings that will last until at least 2010, according to a new survey.

 

For almost five years, double-digit annual inflation in construction costs was the norm, but those days are gone.

 

From a peak in 2008, construc ...

Canada housing starts jump in December

January 18th, 2010

OTTAWA — Housing starts were up in most parts of the country outside the Atlantic provinces in December, according to a report released Monday by the Conference Board of Canada.

The report on metropolitan housing starts report showed a year-over-year increase in 17 of the 27 areas studied.

Some of the biggest jumps were in London, Ont., where starts went from 826 in December 2008 to 3,259 i ...

New highrises won't spoil views of North Shore

January 15th, 2010

Vancouver’s director of planning says the proposal to allow four new extra-tall buildings in downtown Vancouver would enhance the city’s skyline and not undermine the long-standing policy of protecting views of the North Shore mountains.

“They are being artfully placed to not overwhelm the mountain views,” said Brent Toderian. “They will be located in places that terminate at entrances into ...

Four massive highrises proposed for downtown

January 14th, 2010

City staff has proposed that council allow four new massive towers in the downtown core that would protrude into protected view corridors and dramatically alter the skyline.

One of the proposed locations, near Georgia Street and Seymour, could accommodate a 213-metre tower. That would be higher than Vancouver’s tallest highrise, the Shangri-La, a 201-metre landmark building that stretches 61 ...

December home sales second highest on record

January 12th, 2010

December Home Sales Second Highest on Record
2009 – In Like a Lamb, Out Like a Lion

Vancouver, BC – January 12, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 132 per cent to 5,703 units in December compared to the same month last year. More homes were sold last month than in any December o ...

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