West Vancouver Real Estate information on selling condos, homes, and houses in West Vancouver BC Canada. Also buyer's agent realtors. http://www.westvancouverrealestate.org Sun, 06 Jul 2008 04:21:05 +0100 FeedCreator 1.7.2 http://www.westvancouverrealestate.org/images/M_images/powered_by.png http://www.westvancouverrealestate.org West Vancouver Real Estate information on selling condos, homes, and houses in West Vancouver BC Canada. Also buyer's agent realtors. http://www.westvancouverrealestate.org/west-vancouver-real-estate/restaurants/condos-big-on-campus.html Canadian universities are catching condo fever as they attempt to raise money for academic programs and enhance their communities.From the University of British Columbia in Vancouver to the University of Guelph in Ontario, post-secondary institutions are teaming up with private companies to develop on-campus market housing for the general public.In most, if not all, cases, developers build and sell high-rise, mid-rise and townhouse projects on university land under prepaid 99-year leases through strata corporations. We want to become a complete community - not just a commuter campus, says UBC planning director Joe Stott. We want to have more residential opportunities and a more 24-hour lifecycle. Bayne Stanley, Business EdgeUBC director of campus and community planning Joe Stott stands in front of the new Corus highrise development.Universities also view condo development as a way to recover their student, faculty and staff housing-construction costs.UBC and Simon Fraser University, based in the Vancouver suburb of Burnaby, started the campus-condo trend as part of large mixed-use communities. Universities in other provinces are slowly following suit.Quest University is a new private not-for-profit institution in Squamish headed by former UBC president David Strangway.It is scheduled to open in September and is another B.C. post-secondary institution campus that will contain condos.The University of Saskatchewan began rolling out its condo plans earlier this year.In Ontario, the U of Guelph has already partially completed market-priced seniors housing, and the University of Waterloo is starting on library and recreational projects slated to precede future campus condos. The Royal Ontario Museum also wants to develop condos in conjunction with the University of Toronto.At many universities, campus condo dwellers get title to their units the same way other homeowners do, along with access to such benefits as recreational facilities, day care, car-share programs, and other amenities usually enjoyed by university students, faculty and staff.UBC's condos are part of its University Town, which has more than $1 billion worth of student, faculty and staff housing projects under construction.The latest condo project to go on the market, Coast, being developed by Vancouver-based Bastion Development Corp., is a $100-million venture that will provide 145 units of the total planned 625 units for the Chancellor Place neighbourhood.Bastion is also developing Corus, a 47-unit, 14-storey apartment tower and 14-unit townhouse complex.Unit prices range from $600,000 to $4 million for penthouses overlooking Georgia Strait, the Gulf Islands and North Shore Mountains.Other UBC condo projects include Hampton Place, completed in 1999; Hawthorn Place, which is expected to be complete this year; and Wesbrook Place, where construction is commencing. The condos are expected to boost UBC's resident population to 18,000 in 2013 from the current 13,000.UBC's first objective is to develop a sustainable community that will reduce student, faculty and staff reliance on the regional transportation system, which accounts for a large share of greenhouse gas emissions, says Stott.He hopes UBC will enjoy the same success as downtown Vancouver, which has seen a large influx of residents over the past two decades and become a pretty thriving community at the core of our region. Downtown Vancouver's live, work and play model has won international awards. You don't have to leave the campus every day, adds Stott.Net revenues from market-condo development go into two UBC endowment funds. Interest from the endowment goes toward UBC's academic mission. UBC is increasingly recognized on a global level and the margin on the land leases provides for that margin of excellence, says Stott.Presold land leases accounted for about 15 per cent of UBC's approximately $900-million total endowment last year, he says. I think it's appropriate for campuses like SFU and even UBC in that we're built in locations away from the city, Stott notes. If you look at the traditional patterns of the universities, whether it's Oxford or Cambridge (in England), communities grew around ... the university. Cambridge was among the first universities to develop condos. But Stott says some downtown-based Canadian universities, such as McGill in Montreal and the University of Toronto, do not face the same on-campus housing needs because they are located in urban cores. But where a campus is not in the heart of an urban community then, yes, I think it's a good thing to balance off residential opportunity, particularly for people who work or study on the campus, says Stott.Some municipalities, including Vancouver and Burnaby, allow campus condos to have mortgage helpers - self-contained rental suites with fridges, stoves, sinks and bathrooms - which make student housing a little more affordable. High-end units also cater to affluent customers. (UBC) is one of the most desirable places to live, especially if the development can provide high amenities and views, says Stott.SFU's condos are contained within its 4,500-home UniverCity community, which is slated to house 10,000 people.The condos, developed by Vancouver-based firms Millennium University Homes Ltd., Intergulf Development Group and the Polygon Group of Companies, are intended to offset the costs of affordable faculty and staff housing.In Saskatoon, renowned Vancouver-based architect Stanley Kwok is helping the U of Saskatchewan plan and design its 148-acre College Quarter mixed-use development, which will include condos, a seniors complex, student housing, retail outlets and perhaps even a twin-ice arena.James Cook, the U of Saskatchewan's business opportunities manager, says administrators see market housing as a way to recover the costs of student housing, help the institution as a whole and give the area more of a community and neighbourhood feel to it. Our vision is to have a vibrant community with services that are sustainable with the university community and the surrounding neighbourhoods, says Cook.If approved, market housing would be one of the earliest components built within College Quarter, which is expected to take 15 years to complete, so that the university can use the revenues to develop other infrastructure in the future.Cook stresses the U of S is exploring the feasibility of market housing and no decision has been made. Officials still have financial concerns over the whole College Quarter project, and are examining how the university should use its land.If condos are developed, officials would also have to figure out what to do with pieces of land that have been used for agricultural research for many decades and are very important to the university.Further east, the University of Waterloo (UW) has entered into an agreement with the city to put a library and YMCA on campus. Those properties will likely be forerunners for future condo development within 10 years. The long-term view is there will be residential activity on our land contiguous with that development, says Bud Walker.UW's official six-decade plan calls for market housing to be built there by the end of its sixth decade, which has just begun. Walker says universities are leasing some parcels of their land to developers in order to keep the properties for possible long-term future use and to gain revenues.But profit is not necessarily UW's main motive when it comes to providing market housing. We'd see it as an opportunity to do the residential activity in line with our (educational) mission, says Walker. It would be intended for students or to provide a good residential community for faculty, basically to enhance the role of the university rather than to get a lot of commercial return out of it. The commercial return isn't necessarily that great, because we'd be leasing out unserviced land and the amount of return on unserviced land, even though it's fairly valuable land, is not the big gain. The gain is being able to provide an attractive community for faculty and staff and students. It makes the whole institution more attractive, so I think that would probably be our major consideration. At the U of Guelph, Reid's Heritage Homes is nearing completion of Phase 5 of its Village by the arboretum, which is billed as an adult-lifestyle community. It lies beside a 165-hectare Arboretum owned by the university and includes independent-living and 100 assisted-living units.The University of Toronto may eventually get condos, but several issues remain unresolved.The Royal Ontario Museum, located within the university but operated independently, is attempting to develop condos to help fund its $250-million reconstruction.William Thorsell, the museum's CEO, has pledged to put condos on the site of the former McLaughlin Planetarium through a public-private partnership with the U of T.A 46-storey condo and commercial development, proposed in 2005, was scrapped after the university's administration opposed possible rezoning of land to residential from institutional, and also cited concerns about esthetics.But U of T administrators could change their minds if the university can get a share of net proceeds.In 2005, the estimated profit was $20 million.A few years from now, it could be much higher.(Monte Stewart can be reached at monte@businessedge.ca) West Vancouver Real Estate - Restaurants Tue, 12 Jun 2007 21:27:57 +0100 http://www.westvancouverrealestate.org/west-vancouver-real-estate/restaurants/vancouver-presales-torn-up.html The Vancouver developer being sued for cancelling pre-sale agreements at the Riverbend housing development in Coquitlam has been ordered to stop selling units at the project.The province's Superintendent of Real Estate issued a cease marketing order Monday against CB Developments, under the Real Estate Development Marketing Act.Some buyers are suing the company after it cancelled their purchase contracts. (CBC) In his decision, W. Alan Clark said there is a substantial likelihood the company planned to remarket the properties to new potential purchaser without providing accurate disclosure. Clark said the fact that lawsuits have been filed against CB could affect the value and price of the units, and could influence the decision of would-be purchasers.Even if the developer did re-sell the units to new buyers, they would likely end up tied up in litigation and might not receive title, Clark said, so he has suspended the company's right to sell them.The company has returned deposits to more than 30 would-be buyers, and told them their purchase agreements have been cancelled. Some of them had put their money down up to two years ago. CB said rising construction costs and increased land values meant it had to resell the units at a higher price, and so it was breaking their contracts.Several of the buyers are taking the company to court. B.C. Finance Minister Carole Taylor said the superintendent's action Monday should give the buyers some relief. They will at least know that there will be no reselling of their home until various issues under the act are followed, so it gives everyone breathing room, a chance to see exactly what the situation is, exactly what the contracts say, she said. West Vancouver Real Estate - Restaurants Mon, 14 May 2007 22:22:45 +0100 http://www.westvancouverrealestate.org/west-vancouver-real-estate/general-info/new-year-brings-increase-in-new-and-active-listings.html New Year brings increase in new and active listings Vancouver, B.C. February 2, 2007 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 1,806 units in January 2007, a decrease of 6.1 per cent when compared to the 1,924 units sold in January 2006 and an increase of 6.2 per cent when compared to the 1,700 sales in January 2005. New listings for detached, attached and apartment properties increased by 17.2 per cent to 4,067 units compared to the 3,471 units listed in January 2006. The total number of active listings increased by 30.1 per cent to 9,312 units when compared to January 2006's 7,160 units. We're currently seeing double-digit increases in both our new and carried-over listings inventory, a continuation of a trend started last September, says REBGV president Rick Valouche. This may be one of the factors currently relieving the pressure we saw on home prices throughout 2006, which are increasing at a slightly lower rate than they were a year ago at this time. We also saw the average days-on-market for residential homes increase to 58 days versus 49 days in January 2006. Clearly, buyers are realizing they have an increase in home selection and are taking more time when making a decision to buy. On the other hand, sellers are still seeing a significant return on their investment. These make for excellent market conditions throughout Greater Vancouver. To find the best value for your dollar, contact your local REALTOR®, advises Valouche. According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 9.2 per cent to 770 sales in January 2007 compared to 848 sales in January 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $332,460, up 15.3 per cent from one year ago. Sales of attached properties increased by 1.2 per cent in January 2007 to 341 sales, compared to 337 sales in January 2006. The benchmark price of an attached unit is $411,564, up 15.5 per cent from a year ago. Sales of detached properties decreased by six per cent in January 2007 to 695 sales, compared to 739 sales in January 2006. The benchmark price of a detached unit is $641,596, up 9.9 per cent from last year. Bright spots in Greater Vancouver in January 2007 compared to January 2006: Detached:Vancouver Westup 16.9% (90 units sold, up from 77)Squamishup 72.7% (19 units sold, up from 11)West Vancouver/Howe Soundup 13.9% (41 units sold, up from 36)Attached:Coquitlamup 23.5% (21 units sold, up from 17)Richmondup 10.1% (76 units sold, up from 69)Squamishup 183.3% (17 units sold, up from 6)Vancouver East up 27.8% (23 units sold, up from 18)Apartments:Delta Southup 100% (10 units sold, up from 5)Port Moody/Belcarra up 128.6% (16 units sold, up from 7)The Real Estate industry is a key economic driver in British Columbia. In 2004, dollar volume sales of homes in Greater Vancouver set a new record at more than $13.8 billion. Based on this figure, Greater Vancouver home sales in 2004 generated over $1 billion in related sales. The Real Estate Board of Greater Vancouver is an association representing more than 8,500 realtors. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local realtor or visit www.realtylink.org. West Vancouver Real Estate - General Info Sat, 28 Apr 2007 19:45:07 +0100 http://www.westvancouverrealestate.org/west-vancouver-real-estate/general-info/urban-planning-not-to-blame-for-high-house-prices.html Urban planning not to blame for high house pricesVancouver continues to creep up the list of the world's most unaffordable housing market. Despite the results of a recent international study that now ranks Vancouver 13th on the list of the world's least affordable cities -- up from 15th last year -- this region's brand of growth management can't be blamed as the culprit for high homes prices.The third annual International Housing Affordability Survey is the work of Demographia, a U.S.-based market research company that regularly reviews housing markets in six major industrialized countries. There is probably some validity to the study that compares median house prices to median incomes, highlighting the fact that a median average home in Greater Vancouver priced at $448,800 requires an income 7.7 times greater than the median Vancouver income.But there is little validity to Demographia's explanation why housing affordability is a crisis in some markets while others markets are still relatively affordable. Demographia points to smart growth policies and land use zoning as the satisfactory explanation that accounts for the differences in affordability between markets. This argument simply does not hold water because it ignores two realities.It's not surprising that the study took aim at these policies. Demographia bills itself as pro-choice with respect to urban development. Demographia's founder, American public policy professor Wendell Cox from St. Louis, declares that people should have the freedom to live and work where and how they like and he is well known for attacking smart growth initiatives, especially efforts to contain growth with urban growth boundaries.The first problem with Demographia's conclusion that there is a strong link between more restrictive land use regulations and inflated housing markets is that their analysis of housing prices fails to account for the true costs associated with housing.There is more to assessing the true cost of housing than simply looking at the selling prices of a home and the mortgage costs.Research has shown that people who live in compact neighbourhoods where they can walk from their homes to stores, schools, recreation and public transportation have a much lower cost of living -- or more accurately cost of housing -- thanks to their lower transportation costs. In fact, some lenders in the U.S. are now recognizing housing that is location efficient and they are offering a type of mortgage that recognizes the savings available to people who live in location efficient communities.They count these available savings as additional income for people buying homes in location efficient communities, approving a loan for those who might not otherwise qualify for a mortgage or allowing a borrower to secure a larger mortgage than would otherwise be available.If there are discernable savings in the cost of shelter due to lower transportation costs associated with living in compact neighbourhoods the reverse is also true.In many places where single-family homes are more affordable, in part because land costs in sprawling suburbs are cheaper than in first-ring compact suburban communities, the transportation costs are much higher.Transportation costs rank second behind the direct costs of housing as the top household expenditures, topping 20 per cent in most homes today.These costs must be added to the calculation when assessing housing costs to compare housing affordability. Demographia's study ignores these costs. Therefore, their conclusions attacking the smart growth principle that advocates compact communities within contained urban growth areas is simply faulty.Restrictive land use policies do place artificial limits on land that can be developed. But in many jurisdictions, like Vancouver, these growth containment policies are accompanied by land use plans that concentrate and encourage growth, especially higher density growth, in strategic areas.So the supply of developable land in the form greenfields might be limited, but zoning regulations that permit compact, dense in-fill growth relieves the impact of regulating the overall land supply in the region. Demographia's analysis ignores this relief valve when they talk about land rationing.Despite the complaints of long-time residents used to living in large single-family homes on sprawling lots, the City of Vancouver and most of its suburban neighbours have begun to embrace density.Most decision-makers understand that you can't reject sprawl and constrain density within existing urban centres without severely impacting housing affordability. There's still lots of room to grow in Vancouver's existing urban and suburban centres without sprawling up the Fraser Valley.This kind of sensible approach to urban planning is preserving our quality of life in Greater Vancouver. It can't be pointed to as the culprit for high home prices.Bob Ransford is a public affairs consultant with Counterpoint Communications Inc. He is a former real estate developer who specializes in urban land use issues(prepared by Bob Ransford/ Vancouver Sun) West Vancouver Real Estate - General Info Sat, 10 Feb 2007 22:23:30 +0100 http://www.westvancouverrealestate.org/west-vancouver-real-estate/general-info/top-20-house-values-in-bc.html Source: https://www.mylandcor.com/newsletter/newsletter.aspx British Columbia 2006 AssessmentsAssessed Values for condominiums are up 19.64% over last year, with an average increase of 14.77%. Assessed Values for single family dwellings have gone up 14.64% over last year, with the average increase at 18.82%. Most of the major towns in the province have experienced significant increases in assessed value, with a few exceptions, the most notable being the almost 5% decline in total assessed value for condominiums in Whistler.Top 20 Assessed Single Family DwellingsAddressCity20052006% Change3330 Radcliffe AvenueWest Vancouver$15,224,000$16,983,00011.55%2815 Point GreyVancouver$11,689,000$14,497,00024.02%3489 OslerVancouver$11,882,000$13,804,00016.18%2177 Lake Placid RoadWhistler$13,458,000$13,672,0001.59%3110 Travers AvenueWest Vancouver$11,426,000$13,296,00016.37%130 S Oxley StreetWest Vancouver$11,411,000$13,003,00013.95%2588 Bellevue AvenueWest Vancouver$11,378,000$12,835,00012.81%4719 BelmontVancouver$11,740,000$12,689,0008.08%Hernando IslandPowell River$12,398,000$12,565,0001.35%5695 Newton WyndUniversity Endowment Lands$10,863,000$12,329,00013.50%4351 Erwin DriveWest Vancouver$10,342,000$11,821,00014.30%1683 DrummondVancouver$10,697,000$11,429,0006.84%From: 670 To: 684 Lands End RoadNorth Saanich$10,514,000$11,309,0007.56%2531 Point GreyVancouver$9,687,000$10,971,00013.25%6151 St Georges CrescentWest Vancouver$9,880,000$10,919,00010.52%3639 OslerVancouver$8,235,000$10,893,00032.28%4371 Erwin DriveWest Vancouver$9,489,000$10,811,00013.93%4743 BelmontWest Vancouver$9,439,000$10,461,00010.83%4147 Ferndale AvenueWest Vancouver$8,947,000$10,393,00016.16%1388 The Crescent; 3567 HudsonVancouver$8,678,000$9,976,00014.96%Figure 1: Top 20 Assessed Single Family DwellingsBritish Columbia Total Assessed Value Changes – CondominiumsThis chart shows changes (total dollar value) in assessed values for condominiums in the province of British Columbia.Figure 2: British Columbia Total Assessed Value Changes – CondominiumsThe total value change from 2005 to 2006 is: $9,631,481,990. The total percentage change is, therefore: 19.64%.The following table shows average changes for a given condominium in the province of British Columbia.Average % ChangeAverage Value Change+14.77%$26,584.51Figure 3: British Columbia Average Assessed Value Changes – CondominiumsBritish Columbia Total Assessed Value Changes – Single Family DwellingsThis chart shows changes (total dollar value) in assessed values for single family dwellings in the province of British Columbia.Figure 4: British Columbia Total Assessed Value Changes - Single Family DwellingsThe total value change from 2005 to 2006 is: $42,937,677,896. The total percentage change is, therefore: 14.64%The following table shows average changes for a given single family dwellings in the province of British Columbia.Average % ChangeAverage Value Change+18.82%$45,294.92Figure 5: British Columbia Average Assessed Value Changes – Single Family DwellingsIf you have an area, or topic that you would like to see featured in an upcoming newsletter, please contact sales@mylandcor.com. West Vancouver Real Estate - General Info Mon, 08 Jan 2007 10:18:45 +0100