THURSDAY, APRIL 28, 2016
VANCOUVER EASTSIDE
info@rew.ca • 604-435-7977
Looking to BUY or SELL a home? To assist you in making the best decisions, a professional Realtor can provide the most up to date information on the real estate market, price, financing and comparative properties in your area.
R E A L E S TAT E W E E K LY
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HOW TO CREATE A
SECLUDED OUTDOOR SANCTUARY S
ummer is just about upon us. You might already be daydreaming of those lazy sunny afternoons, kicking back with a good book on your patio chair, hidden away from the prying eyes of your neighbours. But what if your outdoor space is completely exposed to onlookers? “There are many great solutions to privacy issues. But first off, if you live in a home and want to put up a very high fence, you must get a hold of the city bylaws,” says Ray Evenson, owner of West Coast Modernscape. “Most municipalities only allow for six-foot-high fences. However, if you want to put an eight- or 10-foot screen close to the fence, there are no bylaws that will prevent you from doing that.” Evenson went on to say: “If you live in a condo or townhome, there is probably a strata body with some restrictive covenants that may require you to get permission before altering your outdoor space.” Now you know the bylaws and are ready to get started, REW.ca has uncovered a host of ways that you can add seclusion to your outdoor space.
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to instantly boost your deck, balcony or patio’s appeal, while adding privacy. “You can recreate that boutique –hotel-cabana vibe with lightweight curtains, which still allow sun to filter through,” adds Ewen. “For a more dramatic effect, choose heavier drapes.” A secluded wall made out of bamboo trees feels especially private and is perfect for our natural West Coast look. “Bamboo adds height and a contemporary style to the outdoor spaces it beautifies,” she adds. If you live in a condominium with neighbours above you, retractable pergolas can offer great overhead privacy. “A wall of tall planters filled with sculptured boxwood looks simply stunning, and produces a bold, manicured statement,” adds Ewen. “A living wall with plants also looks fabulous.” Add privacy and shade to a covered deck by layering hanging pots. “Trailing plants like ivy are excellent fillers, but just about any full plant or flower will work to suit the season.”
Ray Evenson Janette Ewen Interior designer and frequent guest on Canada AM, CityLine, Breakfast Television and Urban Rush ■ Define your outdoor space with airy, flowing curtains
GO TO
REW.CA /NEWS TO READ THESE STORIES AND MUCH MORE REAL ESTATE NEWS AND ADVICE
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Owner, West Coast Modernscape ■ When it comes to fences, they range from private (solid tongue-and-groove or board) to semi-private (slat, picket, spindle or lattice)
Vancouver and BC Home Price Rises to Continue Through 2018: Central 1
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Create privacy in your garden with dense hedges, thickly branched evergreens, or fast-growing tall plants. For a more natural-looking barrier, that is also low-maintenance, use shrubs planted close together, producing the effect of a screen. “Cedar hedges are great and inexpensive but remember they take up a lot of room and grow fairly large … they need to be continuously trimmed,” he adds. “You might consider a yew tree which grows high, is thick, hardy and looks good.” Another great option is black stem bamboo. It doesn’t take up a lot of “prime outdoor real estate.” For DIY lovers: create your own fabric screen. “Stretch some outdoor fabric really tight and staple it on a wood frame, which you can purchase at any landscaping store. It’s inexpensive and won’t mold.” When it comes to portable screens, the sky’s the limit. They come in a myriad of colours, textures and are available in just about any material. “I like to integrate hedges in between each screen pane,” adds the award-winning landscaper. A lattice screen covered in flowering shrubs, roses and vines add more privacy as the lattice becomes a raised backdrop. A linear slate wall can turn an area into a romantic hideaway if you add candles to it.
City Hall Approves Next Steps for Affordable Home Ownership Pilot
Total BC Home Sales in March Eclipse Previous All-Time Record: BCREA
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
“Your East Vancouver Real Estate Experts!” NEW LISTING
$1,699,000
HASTINGS SUNRISE UNIQUE 1914 CRAFTSMAN BUNGALOW IN SUPERB CONDITION
KITSILANO NORTH OF 4TH – ½ DUPLEX SOUTH EAST CORNER LOT – 3 BED, 2.5 BATH $1,898,900
3203 W.3rd Ave.
Located on the North of 4th, this very spacious front 1771 square foot ½ duplex sits on the South-East corner, offering 3 generous beds, 2.5 baths on 3 levels & is one not to be missed! Relax in the top floor secluded master bed w/ lounge area & large en-suite bathed by natural sunlight coming from numerous skylights & South facing windows. The 2nd floor has 2 more sizeable bedrooms, and a large en-suite. The main floor houses your kitchen w/ eat-in area, a large foyer w/ powder room and an open concept dining-living room opening onto your South facing ample private patio. Beautiful h/w floor in most rooms, closet/storage galore throughout & 1 car detached garage. Bring your house furniture, they will fit! This is Kitsilano living….
KITSILANO HOME NEW LISTING
Diane Kunic-Grandjean
WHAT A BEAUTY! Welcome to this 1914 Craftsman bungalow Heritage “B” lovingly and patiently restored to its current glory! The large foyer sets the tone with its beautiful wainscoting, 9’4 ceiling height & inlaid oak flooring. Cozy up by the fireplace in your comfortable living room drenched by natural light, host your loved ones in the adjacent large dining room while marveling at the wood beamed ceiling & superb original built-in buffet. The 3 sizeable bedrooms & charming 1.5 bath with claw-foot tub will house your family for a very long time. Airy modern kitchen & eat-in area from which to access a lush fenced backyard & detached garage. The basement offers a 2 bed suite & a large separate unfinished area which could be a rec/family room for you. Hastings Sunrise living at its best!
2733 FRANKLIN ST.
NEW LISTING
Lisa MacIntosh
$2,250,000
Fabulous location in the heart of Kitsilano – on the quiet part of West 12th. Great investment property, clean & well maintained with long-term tenants. Hold & continue to rent out the 3 suites ($3,415/month), renovate into a lovely family home, or build your dream home. Level 33’ x 122’ lot with South facing backyard and lane access (Laneway house potential). Close to all the amenities that Kits has to offer, just a short stroll to Kitsilano Secondary, Kits Community Centre & Connaught Park. 2764 W. 12TH AVE.
HASTINGS SUNRISE RENOVATED SOUTH FACING 1 BEDROOM IN A GREAT BUILDING! NEW LISTING
$299,900
229-2033 TRIUMPH ST.
Beautifully renovated 1 bdrm suite in the heart of Hastings Sunrise. This South facing unit is light & bright with a sundrenched South facing balcony. Updated Ikea kitchen and bathroom, laminate floor throughout. Large in-suite storage. Additional storage locker with secured parking. Very well maintained building – fully re-plumbed in 2012, new roof in 2006, healthy contingency fund & depreciation report. Rentals & pets (one dog or cat) allowed. Fabulous location - just down the street to Parallel 49 micro-brewery, Red Wagon Restaurant, Donaldʼs Market, only 10 minutes to downtown & short stroll to The Drive. Strata fee includes heat & hot water.
HASTINGS SUNRISE VERY SPACIOUS 1 BEDROOM IN A GREAT BUILDING! NEW LISTING
$299,900
237-2033 TRIUMPH ST
Bright & very spacious 1 bdrm suite in the heart of Hastings Sunrise. Corner unit – North West facing with large wrap around balcony. Nicely updated with laminate flooring. Lots of windows for a light filled living space. Huge in-suite storage – could be used as office space. Additional storage locker with secured parking. Very wellmaintained building – fully re-plumbed in 2012, new roof in 2006, healthy contingency fund & depreciation report – Rentals & pets (one dog or cat) allowed. Fabulous location – just down the street to Parallel 49 micro-brewery, Red Wagon Restaurant, Donaldʼs Market, only 10 minutes to downtown & a short stroll to the Drive. Strata fee includes heat & hot water.
L i s a M a c I n t o s h Te a m - D e x t e r A s s o c i a t e s R e a l t y Medallion Club - Top 10% of Realtors in Greater Vancouver Photos & Visual Tours at: www.lisamacintosh.com Email: lisa@lisamacintosh.com Tel: 604-263-1144
Surinder Holat
www.dexterrealty.com
Experience, integrity & professional results Over 3 decades successfully selling real estate on Vancouver’s Westside
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale 2825 E. 43RD AVE.
★
$2,380,000
OPEN SUN 2-4PM Prime Killarney Area. RS-1 Lot. MLS R2048113 Mateen Qureshi 604-488-9874
604-263-1144
Taking our Listings Global 2204-1775 QUEBEC ST.
★
$858,000
OPEN SAT/SUN 2-4PM PURE LUXURY
• Stunning mountain views & BIG BALCONY • High-end finishings, 2 dens, pkg and ample storage • Walking distance to everything! SHEILA SONTZ 604-551-9505
2732 E. 53RD AVE.
$2,728,000
BRAND NEW HOME Rare opportunity to purchase a brand new home with 3 unique addresses. Step into this quality built 4,000+ square foot, 3 level home featuring quartz countertops, air-conditioning, hot water on demand, hardwood flooring / tile throughout, and 4 kitchens. The home offers wonderful revenue potential with a 2 bedroom legal suite in the basement (with separate entrance) as well as a large 2 bed + den Laneway home at the back. The main home also includes a 1 bedroom nanny suite below and a great media room for entertainment. Call for your private viewing today.
www.surinderholat.com
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
SE
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FINELY CRAFTED AND INDIVIDUALLY CURATED HOMES
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With 4 homes and a coach house, THE COLUMBIA will be an enviable place to live. Included are two 1 bedroom garden suites, two 3 bedroom homes above and one 2 bedroom and den coach house.
1-3 bedrooms + coach house
– Completion date Spring 2016 – Details include: Caesarstone quartz countertops ❙ shaker style custom cabinetry double hung windows ❙ stainless steel appliances
engineered hardwood floors ❙ extensive use of natural stone contemporary plumbing and lighting fixtures ❙ shingle wood siding
Located at the corner of 16th Ave/Columbia St in the heart of Mt. Pleasant
Visit liveatcolumbia.com to learn more! Quality built by
Call for more details
Ruthie Shugarman 604.879.2941 • Paige Kraft 604.603.3475 DEXTER
This is currently not an offering for sale. Any such offering can only be made with a disclosure statement. E.&O.E.
ASSSOCIATES REALTY
NORM FLOCKHART
PREC
(604) 261-7275 13 Year Member of MLS Medallion Club
That moment when you get a great mortgage rate and up to $1,000.
SOLD OUT! YOUR LISTING HERE! CALL NORM FOR A COMPLIMENTARY MARKET EVALUATION NOW! www.normflockhart.com
SIMMY SANDHU 604-897-5880 TM
Members Get It Mortgages
DEXTER ASSOCIATES REALTY
WEST SIDE TOWNHOUSE THAT FEELS LIKE A HALF DUPLEX! 1847 W. 12TH AVE.
$1,080,000
Spacious 2 bedroom, 3 bathroom townhouse with over 1200 square feet of living space, open concept living room & dining room and lots of updates! Home has 2 patios, front & back and a bonus shared rooftop garden. Minutes to Downtown, Vancouver Lawn & Tennis Club. Donʼt miss the opportunity to own in this fabulous West side neighbourhood. Sneak preview: Thursday 6-7pm. OPEN HOUSE SAT/SUN 2-4pm. 1847 W. 12TH AVE.
With a Members Get It™ Mortgage, you’ll feel like a winner. Not only do you get a great low rate — you also get up to $1,000 in Help Extras™ to put towards an investment like an RRSP or a Tax-Free Savings Account3. Then when it’s time to renew, members get even more Help Extras™. It’s win-win-win. For more info, call 1.888.517.7000, visit us online, or one of our friendly neighbourhood Mobile Banking Specialists can come to you.
2 .4 0
%
1,2
5-year variable mortgage rate
1 Closed, residential first mortgages only. Interest rate and approval based on risk profile. Additional fees may apply. If fees apply, the Annual Percentage Rate (APR) could increase. Rates subject to change without notice. 2Initial interest rate and APR, compounded monthly. 3Some conditions apply for Help Extras™. Contact us for details.
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R E W.ca Âť VA N COU V E R E ASTS I D E Âť T H U RS DAY A P R I L 2 8, 2 0 1 6
Over 35 years of experience in selling and custom building houses in B.C. 15 years Diamond Master Medallion Club Member, Top 1% President Club Award of All Realtors in Real Estate Board of Greater Vancouver.
BALDEV SANDHU & JULIANA HO TEAM Top New Home Construction Award
Free Market Evaluation. Sell your house fast. Buyer with Cash looking for building lot. Custom build your dream house.
Diamond Master Medallion
BALDEV SANDHU 604-880-9571
$1,655,000 - A recently upgraded 2 storey house
NEW LISTING
situated on a quiet street of Main & Fraser area. 2030 sf living area - 6 bedrooms & 4 full bathrooms, 2 kitchens. - Existing 2 bdrm suite + another 1 bedroom on main floor easy to convert as 2nd suite for mortgage helper - Close to shopping, schools, parks. Don’t miss!
5508 - $1,263,000
Single family in 2 storeys 5512 Dundee Street
Presale, Custom Build 3-storey plus LWH • 1942 E34 Avenue - Great location in Victoria district on a quiet street - 3-storey , 3000 square feet house plus 500 sf lane way house - 3 bedrooms up and 3 bedrooms down (2 suites), family room, dining room 5 bathrooms & 3 kitchens - Granite counter top, engineered hard wood floor, maple wood cabinets. - Inter-telecom, HRV system, heating exchanger, radiant heat. - Beautiful fenced garden, single garage. - Clients to provide own plan and colour choice are welcome
NEW LISTING
This unique property is located in the prestigious Government Road area. Over the last 5 years this 2600 sq. ft. home has been completely & thoughtfully renovated with proper permits & inspections from the City of Burnaby. You will witness quality throughout including real hardwood oors, honed quartz countertops, deluxe master bedroom & ensuite, new furnace with heat pump, lots of built-in cabinetry & a legal in-law suite w/ private entrance & patio. The 8184 sq. ft. lot is lovingly manicured & ďŹ lled with perennials, berries, fruit trees & a herb garden. Too much to list here but see my website for lots more info & photo tour.
OPEN SAT & SUN APRIL 30/MAY 1 FROM 2-4 PM
SEE www.TerryVato.com
Duple Zonedx
Quiet Area
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$1,638,800
Ideal holding property in a quiet, family oriented Victoria neighbourhood. RT-11 zoned lvl 33x130.4 dplx lot with mountain views and back lane. Back extension to house in 1980 with permits, newer roof (2015). Close to schools, shopping, recreation and transportation. Call for date of Offer presentation. 0-2(% *32+ /)22= PMRHE$PJOLSQIW GSQ PJOLSQIW GSQ
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$950,000
- Fist time buyer alert! No strata fee - a single family infill in 2 storeys, - 1330 sf living area features 3 bedrooms, 2.5 bathroom, kitchen, living room - Open parking. - Don’t miss!
LOCATION, STYLE & VALUE! 7551 KRAFT CRESCENT BURNABY NORTH
$1,898,000
Presale, Build to Suit - 3 storeys plus LWH 2073 E 27th Avenue
- A quality built 1745 sf duplex under construction - 3 bedrooms above, living room, dinning room, kitchen, 2 bedroom suite in basement - 3.5 bathrooms, granite countertop, maple wood cabinets, hardwood floor, HRV system, inter-telecom 5502 - $1,299,000 - Single garage
Vancouver East, Collingwood
Vancouver East, Renfrew Height $2,200,000
Vancouver East, Victoria
Vancouver East, Collingwood SxS Duplex, 2-storey with basement under construction 5508 Dundee Street and 5502 Dundee Street
Single family 2 storey house • 1028 East 31 Avenue
NEW LISTING
www.JulianaHo.com Juliiho@gmail.com
R E A LT Y
Vancouver East, Collingwood NEW LISTING
JULIANA HO 778-869-9688
ROYAL PACIFIC
www.BaldevSSandhu.com DaveSandhu@royalpaciďŹ c.com
MASTER
D
LOOKING TO BUY OR SELL A HOME? To assist you in making the best decisions, a professional Realtor can provide the most up to date information on the real estate market, price, ďŹ nancing and comparative properties in your area.
Find your expert Real Estate professional right here in REW.ca!
NEW LISTING
$2,250,000
- A fabulous South facing in Victoria area - Total area 3250 sf on lot size 33 ft x 122 ft , 2 storey with basement plus LWH - Granite counter top, maple wood cabinets - Radiant heat , HRV and security system - Buyer to provide own plan and choice are welcome
Vancouver East, Renfrew
Vancouver East, Collingwood
Presale, Build to Suit, 3 storeys plus LWH 2165 Rupert Street
Side by Side Duplex, 2 storey w/bsmt under construction 2359 East 41 Avenue
NEW LISTING
$1,950,000
- A fabulous custom 2 storey with basement - Total area 3300 sf house with LWH - Total 7 bedrooms, 6 bathrooms - Granite counter top, maple wood cabinets - Radiant floor heating, HRV & security system - Single garage - Buyer to provide own plan & colour choice are welcome
$1,228,000
- A south facing S x S 1/2 duplex, 3-storey, spacious 1975 sf with finest built - 5 bdrms, living room, family room & kitchens - Granite countertop, hardwood floor, maple wood kitchen cabinets - Radiant heat & HRV system, high efficiency heating system, garage
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
West Coast Condominium – your essential guide to condo life in the Lower Mainland. Get the latest news, stats and inside information on the region’s vibrant condo market: • Neighbourhood stats and current sales • Expert condo buying and selling advice • New development previews • Investment essentials • Condo décor and home solutions
Pick up a copy at over 1,600 retail locations in Greater Vancouver Or go to www.rew.ca for our virtual edition. To advertise call 604-379-4576 or email lfry@glaciermedia.ca
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
Bob Bracken
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604.263.2823
bobbracken.com bob@bobbracken.com
Real Estate Services Each office independently owned and operated.
410-650 W 41ST Avenue, Vancouver, BC V5Z 2M9
Real Estate Investment Think Bob Bracken
MOUNT PLEASANT 4 SUITE HOUSE PLUS COMMERCIAL DR 8 UNIT APARTMENT BLDG COMMERCIAL DRIVE AREA 4 UNIT HOUSE CAP SOLD NEW 4+ 8 4 RATE OVER LISTING! UNITS! UNITS! UNITS! 4.1%! ASK!
975 EAST 11TH AVE
2313 VICTORIA DRIVE
1003 SEMLIN DRIVE
• Character, 2700 SF, Multifamily, 4 Suite House “Plus” • 2X1 Bdrm, 1 Bdrm & Den, Bachelor & Add’l Studio • Updated, Inc $60,240/yr, Potential Inc $72,000/yr • Investors, Owner-Occupiers Asking $1,699,000
• Legal Apartment Building, Attractive Financing Avail • 8 Suites, 4 Lvl, Character, 6617 SF, 45’X110’ RT-5 Lot • Gr Inc $147,768/yr, 9 Electric Meters, 9 Gas Meters • Investors, Owner-Occupiers, Developers Asking $2,980,000
• Big, Character, 3 Level Multifamily Buiding, 2950 SF • Suite Mix: 3X2 Bdrm, 1X Bachelor, Corner Property • Gr Inc $64,800/yr. Potenial to add Income & Value • Investors, Owner-Occupiers Asking $1,299,000
HOUSE WITH SUITE OR BUILDING LOT SOLD HOUSE OVER WITH ASK! SUITE!
REAL ESTATE WITH CASH FLOW CALL BOB
VICTORIA DRIVE AREA TRIPLEX SOLD OVER TRIPLEX! ASK!
6805 SHERBROOKE STREET • South Vancouver House, 3 Bdrm with 1 Bdrm Suite • Updates, Excellent Condition, Big Single Car Garage • 33’X121.81’ RS-1 Lot, Nice Tree Lined street, Builders • Investors, Owner-Occupiers Asking $1,498,800
HOUSES WITH SUITES DUPLEX, TRIPLEX, FOURPLEX 5PLEX, 6+ UNITS APARTMENT BUILDINGS LAND FOR RE-DEVELOPMENT IF YOU ARE THINKING OF SELLING OR BUYING INCOME PROPERTIES CALL BOB BRACKEN 604-263-2823
1866 EAST 35TH AVE • Great Triplex, Big 4 Level, Character House, 2983 SF • Suite Mix: 1X 2 Level 2 Bdrm, 1X2 Bdrm, 1X1 Bdrm • Mountain Views, Close to Shopping, Transit, SkyTrain • Investors, Owner-Occupiers Asking $1,449,900
HOUSES DUPLEX TRIPLEX 4PLEX 5PLEX 6+ UNITS APARTMENT BUILDINGS DEV SITES
Darlene Lenfesty 6 0 4 . 6 1 9 . 8 11 9
BA Cmns
A wealth of experience working for you. LD SO
FEATURE HOME OF THE WEEK 4630 Northlawn Drive
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$2,488,000
663 Hailey
LD SO
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1519 Marine Crescent
LD
PRIME BRENTWOOD PARK Quality Feature Home “NEW ON MARKET”!
SO
Open House Sat April 30 & Sun May 1 from 2-4pm 5841 Mayview Circle
Quality 4 bedroom family home on one of Brentwood’s finest tree lined streets. Offers beautiful views of North Shore Mountains, City Skyline & Park. Recent luxury renovations & upgrades: new gourmet kitchen, air conditioning, skylights w/ remotes, new roof & windows so much more! Detached fully finished custom garage adds flexible living space. Private back yard & gardens wonderful new hot tub to enjoy. Suite potential. Comfortable in-law accommodations down.
#1 - 5050 Kingsway Burnaby BC V5H 4C2
277 West 1st Ave
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
The most credible source for commercial real estate news!
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Exclusive regional content you can’t find anywhere else! Get the inside scoop with more real estate news than ever before!
WESTERNINVESTOR.COM
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
VANCOUVER LUXURY. ABBOTSFORD PRICES. FROM THE MID $200’S GENEROUSLY SIZED 674 SF TO 1,680 SF*
Presentation Centre is now open daily (except Fridays) from 12 – 5 pm at 2180 Gladwin Road, Abbotsford.
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MAHOGANY, A SPECTACULAR NEW COLLECTION OF LUXURY HOMES. WITH 26 STOREYS OF CONCRETE CONSTRUCTION, INCREDIBLE VIEWS AND GENEROUS AMENITIES OVERLOOKING BEAUTIFUL MILL LAKE. Marketed by GLOBEWEST - Multiple Realty Ltd. and Quantum Realty Inc. Managed by the Quantum Properties Group of Companies. %&0 &0 +,1 + ,ƛ"/&+$ #,/ 0 )"ǽ +6 02 % ,ƛ"/&+$ * 6 ,+)6 " * !" 6 !&0 ),02/" 01 1"*"+1ǽ %" !"3"),-"/ /"0"/3"0 1%" /&$%1 1, *,!&#6 -) +0Ǿ -/& "0Ǿ #" 12/"0 +! 0-" &Ɯ 1&,+0 4&1%,21 +,1& " 0 * 6 " +" "00 /6 +! 1 1%"&/ 0,)" !&0 /"1&,+ǽ ǽ ǔ ǽ ǽ ȥ ) ,+6 0- " &0 &+ )2!"! &+ 0-" &Ɯ"! 0.2 /" #,,1 $"0ǽ
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
70% SOLD OPENING WEEKEND
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY A P R I L 2 8, 2 0 1 6
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10 MINS TO DOWNTOWN
RICHMOND
OAKRIDGE 41ST AVENUE
THE REGENT AT KING EDWARD
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VANCOUVER CITY CENTRE
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10 MINS TO RICHMOND
DEVELOPMENT BY
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VANCOUVER EASTSIDE
THURSDAY, APRIL 28, 2016
Looking for a new home? Start here.
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New Housing Price Index in Vancouver Climbs Further: StatCan
M
etro Vancouver’s new home price index continued to push ahead in February, once more speeding up its pace of annual growth, according to a Statistics Canada report issued April 14. The price of newly built housing in the Vancouver Census Metropolitan Area (CMA) increased four per cent year over year in February – which was again the secondhighest annual rate of growth of any region in Canada, after Toronto–Oshawa CMA.
Month over month, new home prices in Vancouver rose 0.8 per cent compared with January’s figures, making it the ninth consecutive month for rising monthly prices in the CMA. Along with Toronto, Vancouver was again the country’s biggest contributor to Canada’s overall monthly new home price rise of 0.2 per cent in January, which was pulled down by declines in the new housing price index in resource-dependent provinces.
It is a far cry from the pattern of only a year ago, when Vancouver’s new home prices were sliding, despite resale home prices already surging at that time. Increases in new home prices often do not reflect those seen in the resale market, as the price paid for a new home is only measured when the transaction is completed and registered with the Land Registry, rather than when the home is originally purchased off-plan. Because of long lead times on home construction, the new home prices registered today are often those homes sold many months or even years ago – whereas MLS® resale home prices are much more up to date. This could mean that the new home price index can be expected to surge much
further over the coming months and years as they catch up with today’s market and land prices.
BC and Victoria Across BC, new housing prices in January were up 3.7 per cent year over year – once more the country’s secondbiggest provincial rise, after Ontario – and 0.8 per cent month over month, the same as Vancouver. Victoria CMA’s new home price index, which had been sliding until January, turned a corner and starting to rise in February. The index for the CMA was up 0.2 per cent compared with the same month last year and also up 0.2 compared with January 2016. StatCan observed that this was the first yearover-year increase in Victoria since September 2008.
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