Blog

B.C. Home Owner Mortgage and Equity partnership

From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future.

For many British Columbians dreaming of buying their first home, the hardest step is saving for a down payment. That is why the Province is partnering with British Columbians to help make that dream come true, through the B.C. Home Owner Mortgage and Equity (HOME) Partnership program.

Click here to learn more.

BOSA – RiverSky launch

Went to take a look at the new BOSA project sales center. The tower will be built just north of the Westminster Savings building and the boat house. Finishings seem to be fairly standard with a few space saving features to maximize the smaller one bedroom homes.

Home sales start this Thursday (February 26th) at 10:00. I will hopefully have a few units reserved for clients. Let me know if you have any interest and I will get you the info.

 

New West Record Press Release:

A Bosa development on New Westminster’s waterfront will bring 519 new condo units to a parking lot near the Inn at the Quay.

The sweeping views of the Fraser is one of RiverSky’s selling features, but the towers will also be situated close the noisy train tracks at the Quay. “Certainly, the trains are there, and we can’t avoid it,” RiverSky sales manager Judy Graham said. “It’s just part of the area.”

The city is developing a train-whistle succession initiative that is expected to be completed 2015/16, which will help with the some of the noise concerns, Graham said. Construction of the first tower is slated to begin fall 2015 and be completed in spring to summer 2018; construction of the second tower will start six to nine months later, Graham said. The first of the two towers will be 33-storeys and house 285 units; the second will be 28-storeys with 234 condos. The units range from one bedrooms, starting at 593 square feet, to two-bedrooms, which range from 735 to 1,000 square feet.

Units start at $229,000 with parking. RiverSky will have a full-size fitness facility, along with the RiverSky Club – an entertainment lounge with kitchen and large-screen TV, a boardroom, and a concierge. Along with the amenities, one of the selling points is the fact that the development is located on the waterfront.

“(It’s) one of our biggest selling features,” Graham said. “I think the other thing is there hasn’t been anything in New West on the waterfront, and I think there has been a real need for that. We have a lot of people who are downsizers, who are very interested in that.”

They are also highlighting hip local stops like Steel & Oak, the River Market at the Quay and Old Crow Coffee. The other appeal of the location is its proximity to the SkyTrain line.

“Everybody wants to get rid of that car,” Graham said. “Having it close to the SkyTrain is a huge selling feature as well.” The sales centre on Columbia Street, located at the old British Store (which has moved to Surrey, is lit up with hard-to-miss purple lightening. The centre has been buzzing since it opened a couple of weeks ago, Graham said.

Along with downsizers, they are seeing young people trying to break into the market and young families unable to afford a single-family home.

“It’s amazing, we’ve been open not quite a week yet, the number of people from Burnaby, Coquitlam, Vancouver, and they come down here they know about it already because they like the promenade or that front walkway,” Graham said.

Read More

REBGV Medallion Club Dinner

The Real Estate Board of Greater Vancouver Medallion Club Dinner

 

Just thought I’d add a picture of my wife Jane and I celebrating at the medallion club dinner last week. The Real Estate Board puts on an event every year at the trade and convention center to honour the top 10% of agents. It was a great night, this year it was Gatsby themed event (in case you were wondering about the bow tie and flapper costume).

 

February 2014 Real Estate Stats

Home sales and listings continue to follow historical averages

In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.

Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures.

The sales-to-active-listings ratio currently sits at 18.9 per cent in Greater Vancouver, a 4.9 per cent increase from last month.

“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president.  “We typically see home buyers become more active in and around the spring months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month’s new listing count was 0.5 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared to January 2014.

“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February 2013.

Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent from February 2013 to $932,900.

Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent from February 2013 to $373,300.

Attached property sales in February 2014 totalled 466, an increase of 39.9 per cent compared to the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6 per cent between February 2013 and 2014 to $458,300.

Cops for Cancer Hockey Game

GET YOUR TICKETS FOR THE COPS FOR CANCER HOCKEY GAME!

Friday, March 14, 2014 at 7:00 pm, Queen’s Park Arena

This year the NWPD hockey team (New West Blues) is teaming up with the Senior Men’s Salmonbellies to take on the Vancouver Canucks Alumni Team. We’ll be playing against players like Cliff Ronning, Kirk McLean, Dave Babych, Gary Valk, Tony Tanti, Alex Auld, Garth Butcher, and many more!

In addition to the game there will be several fundraising activities including a 50-50 raffle, outdoor BBQ, a silent auction for Canucks Alumni merchandise, awesome prizes and a chance to get autographs. All proceeds go to NWPD Cops for Cancer fund, the New Westminster Salmonbellies Alumni Scholarship fund and the Vancouver Canucks Alumni Foundation.

Tickets are $10/adult, $5/child, or $15/family of 4 (2 adults/2 kids). Tickets can be purchased from Queen’s Park Arena and  Moody Park Arena.