THURSDAY, FEBRUARY 18, 2016
VANCOUVER EASTSIDE
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3 Civic Plaza, Surrey
What’s in a Name? How Developers Choose a Building’s Moniker
J
ust as people inevitably judge a book by its cover, consumers can be significantly influenced by the name what they are buying. This is equally true in real estate developments, where sometimes the pendulum of public favour can swing at light speed in a new direction, based solely on changing perceptions of a name or brand. And yes, we’re referring to last year’s storm surrounding Trump International Hotel & Tower Vancouver.
nod to the community’s French Canadian heritage. Sometimes inspiration comes from considering lifestyle. In Chinatown, Porte Communities realized their primary demographic would be “active and definitely a bit outside the box,” as Jeanette Chaput, director of marketing and sales, puts it. Ginger’s reputation as a spicy component of Asian cuisine reflected this perfectly.
The Creative Process Inspiration for the Perfect Name Fortunately for marketing companies, most residential development names aren’t this contentious, although finding the perfect one can still be challenging. Often a site’s topography, history, even address can provide an answer. RDG Management found a winning name by combining one site’s location adjacent to a forested ridge with its much-loved heritage as one of the city’s original pioneering farms – and The Ridge at Bose Farms was born. Now nearing completion in Vancouver, MC2’s name came about when someone suggested its location at the corner of Marine and Cambie was like Einstein’s famous equation. And in Coquitlam’s Maillardville neighbourhood, translating the street name, Blue Mountain Highway, into Mont Bleu created a standout memory point with a
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Typically, though, naming a building or community begins with brainstorming. Here’s when the developer, sale and marketing gurus toss their wildest, most
creative ideas into the proverbial hat. Scott Brown, president of Fifth Avenue Real Estate Marketing, notes it’s common for 20 or more suggestions to be on this preliminary list. First-round cuts usually involves eliminating names that are overused, overly obscure, or trying too hard. Some will fail what Brown describes as the “snicker test” – words that if mispronounced become a joke, often one that’s in bad taste. Then there are names with a pre-existing negative connotation. “Three Three or four years ago, using Whalley in a name would have been a mistake. Now the area’s been rebranded, though, that
The Ridge at Bose Farms
How to Protect Your Home Sale from “Shadow Flipping”
Two Cities Outside the Lower Mainland to Consider Investing In
could be a good thing.”
Keeping it Simple After being involved in naming hundreds of projects over his more than 25 years in real estate, Brown says 3 Civic Plaza in the emerging Surrey City Centre neighbourhood was one of the most difficult to brand. “We had almost 50 names on the table at one point,” he says. “Having the lobby of a residential tower open directly onto a public plaza like this is rare, so we knew we wanted ‘plaza’ in the name. Then we looked at the fact that since its two neighbouring towers would both be civic buildings – a public library and Surrey’s new City Hall – this would be the third place-maker in a civic, community-oriented space.” Finally, the name selection had become obvious. Brown says sometimes it seems as if developers spend more time naming their buildings than they do naming their children, but tells how one developer turned that to an advantage. Although at first glance Teo and Reef by Alpha Beta Developments might seem unrelated, a family picnic would reveal both are names of the developer’s grandchildren. With a current total of seven grandchildren, it seems unlikely he’ll run out of inspiration in the foreseeable future.
Editorial: The Difference Between Price and Worth in Real Estate
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 1 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.
SIMON COUTTS
BALDEV SANDHU & JULIANA HO TEAM Top New Home Construction Award
BALDEV SANDHU 604-880-9571 www.BaldevSSandhu.com DaveSandhu@royalpacific.com
MASTER
JULIANA HO 778-869-9688
ROYAL PACIFIC
Vancouver East, Collingwood
Vancouver East, Collingwood
SxS Duplex, 2-storey with bsmt under construction
1/2 Back Duplex - 2 Storeys w/bsmt, under construction
5508 Dundee St.-5502 Dundee St. $1,275,000
5492 Dundee Street
$1,225,000
www.simoncoutts.com
NEW LISTING
2012
OPEN SAT/SUN 2-4
$1,255,000
NE
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NEW LISTING
PERSONAL REAL ESTATE CORPORATION
www.JulianaHo.com Juliiho@gmail.com
R E A LT Y
MACDONALD REALTY LTD 1575 MARINE DRIVE, WEST VANCOUVER
IN G
Diamond Master Medallion
Free Market Evaluation. Sell your house fast. Buyer with Cash looking for building lot. Custom build your dream house.
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- 3.5 bathrooms,granite counter top, maple wood cabinets, hardwood floor, HRV system, inter-telecom - Single garage
- Kitchens, living room, family room - Granite counter tops, hardwood floor, HRV system, radiant heat
Vancouver East, Renfrew
Vancouver East, Collingwood
Presale, Build to Suit, 3 storeys plus LWH
Side by Side Duplex, 2 storey w/bsmt under construction
3007 East 6 Ave.
2359 E. 41 Ave., Vancouver
NEW LISTING
$2,238,000
- A fabulous Southern view on high side of Renfrew area - Total area 3350 sf on lot size 33 ftx122 ft, 2 storey with basement plus LWH - 8 bdrms, 6 baths, kitchen, living rm, din rm - Granite countertop, maple wood cabinets - Radiant heat, HRV and security system - Buyer to provide own plan & colour choice are welcome
$1,165,000
- A south facing S x S 1/2 duplex, 3-storey, spacious 1975 sf with finest build - 5 bdrms, living room, famroom & kitchens - Granite countertop, hardwood floor, maple wood kitchen cabinets - Radiant heat & HRV system, high efficiency heating system, garage
Heritage Style Home Originally built in 1918 & extensively renovated over the years, you will feel at home the moment you walk through the doors of this stunning heritage home. Located on one of Grand Boulevard’s prettiest streets, this big level lot is ideal for children & redevelopment. Potential for an income producing laneway house exists. Spread over 3 levels, this huge 3,465 sqft home offers ample space & details not found in today’s construction: wood floors, stained glass, french doors, and more. The country style kitchen blends perfectly modern convenience & the feel of yesterday. It is a must see. With a central location close to shops, services, and recreation, this is an ideal home, land, & lifestyle.
527 EAST 12TH STREET, NORTH VANCOUVER
$1,748,000
simon@simoncoutts.com Simon Coutts Personal Real Estate Corporation
604.202.9922
NORM FLOCKHART
PREC
(604) 261-7275 Sutton Centre Realty
13 Year Member of MLS Medallion Club
AN INDEPENDENT MEMBER BROKER
OPEN SAT/SUN 1-3!
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$305,000
OVERSIZED 1 BR UNIT! OVERLOOKS PRETTY GARDENS!
772 sq.ft. in this 1 BR & Conservatory/Den ground level suite! Open plan living room/ dining room combo. Gas fireplace, insuite laundry & 1 semi-ensuite bath with soaker tub. Pets/Rentals OK! $305,000. #106-2405 Kamloops Street, Van.
www.normflockhart.com
OPEN HOUSE SUNDAY 1-3 PM
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3410 West 8th Ave., Vancouver This craftsman home has just been remodelled to uncompromising standards, meticulously crafted by a master builder. Luxurious and outstanding quality, elegant high end materials & finishing, over 2250 square feet on three levels. Gourmet kitchen with custom cabinetry, granite countertops and Wolf stainless steel commercial gas range. Great investment opportunity or live in one unit and collect the rents from the two-bedroom legal suite. South facing back yard with a new double car garage. Quick access to shopping, restaurants, schools, transit, Kits Beach, UBC and minutes to Downtown. Open house Sunday 1-3pm. $2,380,000
Receive the highest level of support from our experienced Managing Broker. NO FRANCHISE FEES THREE EXCELLENT FEE PLANS STRONG SUPPORT
Roloff Veld Managing Broker
Contact Roloff at 604-782-7327 or roloff@evergreenwestrealty.com 206-1120 Westwood Street, Coquitlam BC, V3B 7K8 T: 604 942 1389 www.evergreenwestrealty.com
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Over 35 years of proven results and consistently in the top 1% of the real estate industry.
LORNE GOLDMAN 604.263.1911
Personal Real Estate Corporation rporation
lorne@vancouverresidence.com
www.vancouverresidence.com
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 1 8, 2 0 1 6
Bob Bracken
Real Estate Services Each office independently owned and operated.
410-650 W 41ST Avenue, Vancouver, BC V5Z 2M9
604.263.2823
bobbracken.com bob@bobbracken.com
Real Estate Investment Think Bob Bracken
COMMERCIAL DRIVE 8 UNIT APARTMENT BUILDING MOUNT PLEASANT 4 SUITE HOUSE PLUS COACH HOUSE CAP RATE 4.1%
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Mount Pleasant Income Property! • 4 Suite House Plus Coach House • 1X2 Bdrm, 2 X 1 Bdrm, 2 X Bachelor • Gross Income $60,240/yr • Opportunity to Add Value • Potential Income $72,000/yr • 33’ X 122’ RT-5 North Lot • Great Mt Pleasant Neighbourhood • Quiet Tree-lined Street • Close to Shopping, Transportation • Investors, Owner-Occupiers • All Bob for Full Details, 604-263-2823 • Asking $1,778,000
REAL ESTATE WITH CASH FLOW - CALL BOB 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
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LAN 3447 WILLIAMS ST.
$1,399,000
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ABOVE THE CROWD! 20 Years experience combined
JIN BAGRY 604-644-0495
SAM BAGRY 604-761-1664 CALL US FOR A FREE HOME EVALUATION
www.vancouver-homes-on-sale.com
Top 1% of all Realtors for 2014/2015 with over 200 Homes sold in 2 years! NEW LISTING
$838,000 each
NEW LISTING
$999,000 EACH
NEW LISTING
NEW LISTING
$1,499,000
$1,760,000
2 LOTS - 33.5 X115 each 1178 / 1180 EAST 12th AVE.
2914 W. 41st AVE.
1160 /1170 / 1188 EAST 12th AVE. • Built 2015, 2 Storeys, 1,164 s.f each • Open concept layout, 2, 5, 10 year warranty • Top quality built front and back duplexes. • Each has 3 bedrooms, 3 baths, 1 car garage • Central location, minutes to downtown • Granite counters, crown mouldings
NEW LISTING
$1,288,000
LOT 4,026 S.F.
1468 EAST 21th AVE & 3807 LANARK ST. • 2 levels with 3 bedroom & 2 1/2 bathrooms • Central Cedar Cottage neighbourhood • Charles Dickens Elem. & Charles Tupper Sec. catchment • Stainless steel appliances, granite countertops • Views of the North Shore mountains
NEW LISTING
$1,088,000
NEW LISTING
5882 BERKELEY ST.
NEW LISTING
1626 E. 51st AVE.
$838,000 each
BUILD TO SUIT LOT 33X115
LOT 33X117.5
7937 10th AVE.
6195 BEATRICE ST. • Prime location. Level corner lot • 7 bedrooms, 4 bathrooms • Custom built 2,800 sqft house • 3 level home • Laneway house
NEW LISTING
$1,050,000
JUST SOLD
CUSTOM BUILT HOUSE
• Central location, prime lot • 2 bdrm rancher currently rented • Steps to shopping, transit, recreation • Build 2 level 2600 sqft and a nanny house in back lane 600 sqft
$1,349,000
LOT 27.5X122
2920 W. 41st AVE.
$2,488,000
NEW LISTING
SOLD
COMING SOON
LOT 7,250 S.F.
• 2 level fully renovated home • 2 bedrooms, 1 bathroom • New hot water tank & furnace • Potential secondary suite • Walking to transit, school & park
$1,760,000
JUST SOLD
96 EAST 41st AVE. • Corner property • 3 suites with their own extrance, rents approx $4000 a month • Fully renovated in 2010 • Quality worksmanship • Easy access to UBC, Oakridge Mall
SOLD LOT 4,131 S.F.
NEW LISTING
LOT 3,307 S.F.
$838,000 each
SOLD
JUST SOLD OPEN SUN 2-4 PM
NEW LISTING
4,819 S.F.
2016 EAST 12th AVE. • Top quality built, 2015, 1/2 duplexes • 2 storeys, 1150 sf each, 3 bdrms • 2, 5, 10 year warranty, 2 1/2 baths • Lots of granite & crown mouldings
2018 EAST 12th AVE. SOLD
677 E. 59th AVE. • 4 bedrooms, 3 bathrooms • 3 level side by side duplex • One car attached garage • Potential one bedroom suite in bsmt • Open concept kitchen and living room
TEAM PRESIDENT’S CLUB TOP 1% OF GREATER VANCOUVER REALTORS® www.dexterrealty.com
RuthandDavid.com
604.782.2083
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale NOT ON MLS!
1265 East 19th Avenue $1,388,000
$1,599,000
Taking our Listings Global
The True Meaning of Luxury 3 bed penthouse in the heart Vancouver with exquisite views of downtown & mountains. Private rooftop patio. Extremely rare opportunity (not even listed on MLS) - avoid bidding wars by acting fast! Assignment, call for details. 1806 - 1695 Main Street. LISA FINDLAY 778-378-8090
868 KINGSWAY
Located on one of the City’s designated favorite cherry tree streets, sits this charming character bungalow just a block from Charles Dickens school. Inviting from the street with new paint and fully fenced yard, the street appeal is undeniable. The owners have spent considerable time and money making this a special place to call home. The main floor has 2 bedrooms, living room with fireplace and built-in leaded book shelves, refinished fir flooring, etc. The kitchen has benefited from recent updates including countertops, cabinets, new oak floors. Breath-taking cedar French doors lead out to a new deck solid enough to allow a house bump up and out, and overlooks a beautiful landscaped yard perfect for bbq parties, kids, entertaining. Down is a separate really nice, bright ground level 2 bedroom suite with its own W/D currently being used as Airbnb. Great home on a 33x122 lot with RT10 zoning makes this home an excellent holding property, development opportunity, rental investment or family home with mortgage helper in a vibrant community with great access to shopping, parks, schools & transit. This one has it all!
SNEAKY PEEK THURSDAY FEBRUARY 18th 6-7 PM OPEN HOUSE SUNDAY FEBRUARY 21st 2-4 PM
KEEPING IT REAL (ESTATE) SINCE 1988 4806 Main Street, Vancouver, BC V5V 3R8 Ruth Chuang Jones Personal Real Estate Corp. Corey Martin Personal Estate Corp.
$355,000
Location, location, location! Wake up to fabulous North Shore mountain views in this newly renovated 2 bed/2 bath condo just minutes away from downtown. DONʼT MISS THIS GEM OF A HOME! 309-868 KINGSWAY. LISA FINDLAY 778-378-8090
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 1 8, 2 0 1 6
FINELY CRAFTED AND INDIVIDUALLY CURATED HOMES
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
PRE-REGISTER at liveatcolumbia.com Quality built by
Call for more details DEXTER
Ruthie Shugarman 604.879.2941 • Paige Kraft 604.603.3475 This is currently not an offering for sale. Any such offering can only be made with a disclousre statement. E.&O.E.
ASSSOCIATES REALTY
Monet TYLER
Sussex
2015
2015
2015
#10 Royal LePage Realtor in BC 2015 #1 Royal LePage Realtor for Tricities in 2015
monet@monettyler.com ING COM N SOO
❚
604.763.4307
❚
www.monettyler.com
NEW LISTING
SOLD
75 Fernway Drive
125 Fernway Drive
$888,000
The market is HOTTER than it was in January!! I need homes and town homes to sell! Call Me!!
SOLD
36 Heritage Peak Road
$978,000 #78-2200 Panorama Drive
$2,550,000
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 1 8, 2 0 1 6
“Your East Vancouver Real Estate Experts!” NEW LISTING
$599,000
Lisa MacIntosh
Diane Kunic-Grandjean
BEST HIDDEN GEM IN MOUNT PLEASANT – 2 BDRM, 1.5 BATH, 2 BALCONIES & 2 PARKING! Best hidden gem in the heart of SOMA! Positioned on the North East & West corner with city & mountain views, this 2 bedroom unit is filled with natural light coming through windows on all 3 sides! An entertainer’s delight with its well-appointed modern kitchen opening onto a large dining area & a very roomy living room with gas fireplace & balcony perfect for BBQing (bring your housesized furniture). Spacious master bedroom with its own 2 piece en-suite, and a 2nd guest bedroom with access to a large balcony. Both bedrooms are set away for utmost privacy. Bonus: 2 parking! Insuite laundry, lots of in-suite storage, separate storage locker and pet-friendly, all in a very well-cared for building with depreciation report, roof (2010) & exterior paint (2012). 202-2621 QUEBEC ST.
HASTINGS SUNRISE$1,389,900 – UNIQUE CHARACTER HOME WITH NORTH SHORE VIEWS 2520 TRIUMPH ST.
$1,389,900 A very special and unique 1910 character home in the heart of Hastings
Sunrise with superb panoramic views of the North Shore Mountains. Offering over 3,200 sq.ft., this 4 level, 7 bedroom and bathroom home is divided into two suites: basement and main floor (4 bedrooms) with large bay windows, fir floors, detailed trim, mouldings and high ceilings – currently rented at $2,200. The 3rd & 4th floors are owner occupied with 2 bedrooms on the 3rd floor together with a distinctive and large spiral staircase leading to its one-of-a-kind Master Bedroom. This is where you’ll take in the amazing view of the North Shore mountains while sipping your coffee in the generous sitting area of your bedroom. This home could easily be converted into a grand 3 level home, with a basement suite. South facing backyard with gardening beds await your crops and there’s a new deck on the main floor. Walking distance to the numerous cafes, restaurants, grocery stores, library, community centre and Hastings Elementary w/ French immersion. A unique character home in a fantastic neighbourhood.
1914 HASTINGS SUNRISE FAMILY HOME $1,198,800
Beautifully renovated 1914 character home with fantastic VIEWS towards the Mountains. Entertainerʼs kitchen with granite countertops, S/S appliances with gas stove. Lots of original character including w/b fireplace, Fir mouldings, coved ceilings & 2 claw foot tubs. 3 bdrms on main & 2 bdrms & den down for the garden level suite. Fenced backyard w/ full veggie garden. Fantastic Hastings Sunrise location, 1 blk from restaurants & shopping. Laneway house potential. 2727 FRANKLIN ST.
OCEAN, MOUNTAINS & CITY VIEWS, 2 BED, 2.5 BATH TOWNHOUSE, 1 BLOCK FROM KITS BEACH NEW LISTING
$874,900
Ocean, mountains & city views from this 2 bed, 2.5 bath NE corner townhouse on two levels located a block away from Kits beach (North of 4th). Sweeping views from every angle of the open concept top floor with its well-appointed kitchen and adjacent spacious dining room, comfortable living room with cathedral ceiling & skylight. Cozy up in from of your wood-burning fireplace while enjoying your views through large windows & French doors opening onto one of your two large covered balconies. Downstairs offers the master bedroom w/ ensuite & views, a guest bedroom w/ custom built Murphy bed & desk. Both bedrooms access your 2nd covered balcony. 1 pkg & 1 big storage, minutes away from all that Kitsilano has to offer! This is comfort living at its best. 13-1620 BALSAM ST.
ABSOLUTELY CHARMING CHARACTER HOME $1,198,000
Charming character home in the heart of Hastings Sunrise. Perfect family home w/ 5 bdrms, huge master bdrm & a very bright 2 bdrm suite Original fir floors, wood burning f/p & tons of windows, offering a lovely country cottage feel. The master bdrm is truly a retreat with 10 ft. vaulted ceilings, 4 pce en-suite & a stunning VIEW to the Mountains. Detached Artistʼs studio in the back yard. currently used as a workshop & rented for $700/month. Steps to shopping & schools. 2559 WILLIAM ST.
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
SSusan Ninow
604-909-0111 www.SusanNinow.com
TOP 1% of Royal LePage National Network of Realtors
Susan@SusanNinow.com
Westside 201-2107 West 40th Ave.
604-897-5880 MASTER 6 Years
WESTSIDE LIFESTYLE - EAST Side Price! $1,288,000 28 East 60th Ave ING! W LIST
NE
! D L O S ver List O
SIMMY SANDHU
Exceptional DEVELOPMENT opportunity to custom build and design your DREAM home! Located one of the few remaining single family RS-1 (FSR 70%) zoned streets. Sitting on an quiet street, with a south back yard. Flat and easy to develop! Located West of Main in the highly coveted Churchill District. Enjoy your evening walks around Langara Golf Course. Catch a movie at the new Cineplex Theatre. Quick stroll to the Canada Line and Marine Gateway shopping! Short drive to the most prestigious private schools, St. George's, York House, Crofton House, St. John's. Quick drive to Langara, UBC, Downtown, Vancouver's beaches, Oakridge, Richmond and YVR. Don't miss this opportunity! Call Susan for more details!
“Results through Experience and Integrity”
DEXTER ASSOCIATES REALTY
FABULOUS INVESTMENT OR DEVELOPMENT OPPORTUNITY! DONʼT MISS THIS! House on a large 40ʼ x 140ʼ lot with back lane access, on a quiet street. School is walking distance a few blocks away and in a great family oriented neighbourhood. House is currently rented. Great investment property or development opportunity! 2268 E.40TH 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 F E B RUA RY 1 8, 2 0 1 6
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 1 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
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VANCOUVER EASTSIDE
THURSDAY, FEBRUARY 18, 2016
Looking for a new home? Start here.
R E A L
E S T A T E
W E E K L Y
Vancouver’s New Home Prices Continue to Quicken Growth: StatCan M etro Vancouver’s new housing price index increased again in December, further accelerating its pace of annual growth compared with the previous month, according to Statistics Canada data released February 11. The price of a new home in the Vancouver Census Metropolitan Area (CMA) increased 2.6 per cent year over year in December 2015 – the third-highest annual rate of growth in the country, after Toronto–Oshawa and Hamilton CMAs, as has been the trend for the past few months.
Month over month, new home prices in Vancouver rose 0.2 per cent compared with November’s figures – a comparatively modest rise after seeing the country’s steepest monthly increases in Novemver. In December, the biggest contributor to Canada’s overall monthly new home price rise of 0.1 per cent was again Toronto–Oshawa. Across BC, new housing prices rose 2.3 per cent year over year – once more the country’s second-biggest rise, after Ontario – and 0.2 per cent month over month. Victoria CMA’s new home prices continued to slide in December, yet again down 0.5 per cent compared with the same month last year and flat compared with the previous month. As has been
the trend for many months, Victoria was one of just seven CMAs to record an annual new home price decrease in December, out of a total of 21 CMAs surveyed. 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 those homes sold many months or even years ago – whereas MLS® resale home prices are much more up to date. The news came a few days after the CMHC reported that Vancouver Census Metropolitan Area (CMA) new home construction starts were trending at 20,790
units in January 2016 compared with 21,659 units in December 2015. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts. In the same week, Statistics Canada published its monthly building permit figures, which suggested the drop in local housing starts will not last for long, especially in the multi-family sector. Vancouver home building permits issued in December 2015 were valued at a total of $558 million, a rise of 98 per cent compared with the previous December, according to the statistics agency. This near-doubling of values was led by another leap in condo-apartment building permits, which soared 171 per cent year over year to $376 million. Single-family homes made up just shy of $114 million of December’s permit value in Vancouver, and $63 million was invested in townhomes and row homes.
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