THURSDAY, SEPTEMBER 22, 2016
VANCOUVER EASTSIDE
info@rew.ca • 604-435-7977
RUBY CHEUNG, MORTGAGE BROKER LOOKING FOR A MORTGAGE? First time home buyers, renewals and self employed Honest, personal mortgage advice with more options Call for a free professional mortgage consultation
604.720.6176
www.rubycheung.ca
R E A L E S TAT E W E E K LY
421 Pacific St, Vancouver | Email: msrubycheung@gmail.com
Kate Duncan
Ramsin Khachi
Jamie Pryde
IDS Vancouver: New Name, Equally Exciting Home Design Show
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he name might have changed, but the 12th Annual IDS Vancouver show, running September 22 to 25 at the Vancouver Convention Centre, promises to be just as exciting as in previous years. REW.ca spoke to the show director Jody Phillips to find out why the name-change from IDS West to IDS Vancouver. She replies: “We are very proud to now be the largest design fair in western North America. Establishing ourselves on the international stage has been a long time coming. No longer can we be identified as “west” because on the world stage, one would wonder ‘west of what?’” This year’s show is expected to attract a record 36,000 attendees, including 7,000-plus interior designers, architects, builders, developers and other trade professionals. Philips is thrilled to showcase “our amazing, talented homegrown local designers and furniture creators.”
Kate Duncan Kate Duncan is up-and-coming local designer, whose sleek and timeless furniture is handcrafted from hardwood. During the show, she will be showcasing her new collection of custom made pieces, many of which are handcrafted in the old-world principles of woodworking. “I’m bringing along a custom, black walnut headboard I made for a client that is mounted with nightstands that seem to float,” Duncan tells REW.ca. In addition, she’ll be featuring two dining room tables, a line of chairs, including launching new bar stools. “I’m
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inspired by the craft of woodworking and to keeping it simple,” Duncan adds. Other speakers and exhibitors at the upcoming show also shared their décor trend tips with REW.ca...
Ramsin Khachi
Guest speaker at the show, TV personality, design/build contractor, writer and interior designer • Be creative, but also sensible, about design. “Design has to make sense and function well, while being creative,” he adds. • Do not go for today’s trends, rather go for lifestyle trends. • Good style is a product of a person’s level of self-confidence and personal expression, says Khachi. “Rather than talk about trends, people should be asking themselves why they are attracted to something,” Khachi adds. “If you like what you see and believe in what you like, you have style.” • Don’t get stuck with rules; they are meant to be broken. • Mix modern with traditional and vintage.
Heather Ross
Speaker at IDS Vancouver, artist, photographer, author, stylist and owns a boutique in the Armoury District • For those who love West Coast-inspired design, think coastal and beachy, but not nautical unless it’s a summer home or a yacht. • Ask yourself: Why I’m drawn to something? Where do I
Canadian Home Sales Take a Vacation in August – Led by Lower Mainland: CREA
get my inspiration from? “When people connect to what they like or to childhood memories, that will help guide their design choices,” she says. • “Don’t be a slave to trends. If you don’t, you won’t get tired of your design.” • If you do want to be current, then buy trends such as cushions and rugs. • If you can afford it, go for the real deal instead of the mass produced or reproduction.
Jamie Pryde
Interior designer, designer of the show’s VIP Lounge, owner/founder of The Edit in Vancouver, guest on The Marilyn Denis Show and named one of Gray magazine’s “Hot New Next” designers • Blend styles and never go for “matchy, matchy” items. • Rooms should look like they have been organically designed. “A room should reflect the owner’s personality and be authentic,” he adds. • Always add vintage/antique pieces to our décor. “Antique pieces are alive … they tell stories.” • Easiest way to accessorize is with flowers and greenery – they give soul to a room. • If you have luxury pieces, use them. Don’t let them collect dust. IDS Vancouver runs from September 22 to 25 at the Vancouver Convention Centre West. For more information or to purchase tickets for, visit www.idswest.com.
Betting the Farm: Are Rural Mortgages Really More Affordable?
New Home Sales in Metro Vancouver Predicted to Break Records in 2016: Expert
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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
MAIN / FRASER BIG CHARACTER LEGAL TRIPLEX NEW
LEGAL TRIPLEX!
LISTINGS!
635 EAST 44TH AVENUE
Main / Fraser Legal Triplex!
Mount Pleasant Legal Triplex!
• Big 3377 SF, 3 Level Multifamily Bldg • 3 large Suites, one Suite on each floor • Mix: 2 Bdrm + Den, 2 Bdrm, 1 Bdrm + Den • Rents below market, Tenants Long Term • Potential Gr Inc $5,500+/mo or $66,000/yr • 3 Laundry, Meters, Furnaces, H/W Tanks • Character, Nice front & back gardens • Great for Owners wanting mtg helpers • Great Investment with rental upside • Developers, potential to add value, RM2 • Investors, Owner-Occupiers, Developers
• Big 4 Lvl Multifamily Bldg, 2728 SF • 2X1 Bdrm, 1X 2 lvl 3 Bdrm Suites • Good Condition, Mountain Views • Income $4,000/mo, $48,000/yr • Rental upside, Coin Laundry • 33’X122’ RT-5 Lot, high off street • Open Parking for 3 Cars off lane • Great Tenants, fenced rear yard • Mount Pleasant Neighbourhood • Close to Shopping, Transportation • Investors, Owner-Occupiers
• Asking $1,498,000
KITSILANO NORTH OF 4TH MULTIFAMILY BLDG 6+ UNITS!
NORTH OF 4TH!
3536 WEST 1ST AVENUE
MOUNT PLEASANT LEGAL TRIPLEX
Kitsilano Multifamily Building! • Big 3700 SF, Excellent Multiplex Bldg • Prime North of 4th Kitsilano Location • 6+ Suites, 3 Levels, Lots of Character • Cash Machine, Gross Income $128,145/yr • Great “do nothing” Investment Property • Great Condition, Newer roof, nice decks • Potential to return to Great Kitsilano Home • Lovely 33’X122’ RT-8 Lot, lane access • 1 Block to Beach, Double Garage, Views • Near Kits Shops, Restaurants,Transit • Investors, Owner-Occupiers, Developers • Asking $3,339,000
INCOME!
628 EAST 12TH AVENUE
• Asking $1,398,000
REAL ESTATE WITH CASH FLOW 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
HOUSES DUPLEX TRIPLEX 4PLEX 5PLEX 6+ UNITS APARTMENT BUILDINGS DEV SITES
GARRY DARRED Royal Pacific Realty
604.729.7049
Open House Saturday & Sunday 2-5 (September 24 & 25) Sharply Priced: $3,899,000 Luxury and Quality lives in this brand New 3 level home in the heart of Kitsilano. This home is situated on a beautiful tree lined quiet and level street. 2800 square foot on 3 levels with media room. Top notch fixtures and very functional and spacious floor plan. Pride of ownership. See you at open house.
2877 West 15th Ave.
Only $1,798,000 Lot: 40×110
NEW LISTING 3427 W 7TH A Avenue | $2 $2,699,000 699 000 OPEN SAT & SUN 2-4 PM Designed by Hearth Architecture. This home was renovated and gutted to the very studs with all the features and details of a Craftsman style home. Lots of built-ins and wood work done and an open layout. Features includes: leaded glass, hardwood floors, crown moldings, granite counter tops, ss appliances, built in vacuum system, radiant floor heating and a lot more. Easy walk to shops on W. Broadway and w4th.
NEW LISTING 2731 D Duke k S Street | $ $1,359,000 1 359 000
Nicely renovated Charming home with modern open concept layout, Main has 2 bedrooms and den, laminate floors all thru out, renov. kitchen with modern cabinet and solid surface counter top and SS appliances, 3 br mortgage helper basemt with renovated kitchen and bathroom. Double glaze windows all thru out, huge covered solarium. Walk to Norquay Elem Sch (Mandarin Immersion), eligible daycare at Collingwood neighborhood house, min to skytrain station & Slocan Park. Access to all the restaurants and shops in Kingsway. Bonus is RM7 Zoning which has lots of potentials in the future. Live, rent or hold, build a duplex or join with neighbors for townhouse dev... lots of possibilities.
2539 East 19th Ave. In our life time we do wish to have a dream home at a dream location. Well, here is the opportunity to make your dreams come true. This lovely home comes with all the bells and whistles. This fully renovated home has brand new engineered hardwood flooring upstairs. It comes with 3 bedrooms up, 2 full bathrooms up and a huge deck at the back for your entertainment. Rec room with bar downstairs and 2 piece bath for upstairs use and 2 store rooms. One bedroom unauthorized basement suite down stairs with its own laundry, one car attached garage and an automatic gate at the back. This beauty is just perfect from every angle. Only 3-5 mins walk to Lord Beaconsfield Elementary school. (Your kids don’t have to cross any busy roads). 5-7 mins walk to World famous Trout Lake and Nanaimo Skytrain station. You can’t ask for more. See it yourself this weekend. Be the first one to grab it. Oh, did I mention that this home comes with HRV system?
1349 E 24 24th hA Avenue | $ $1,399,000 1 399 000 RM1 Zoning. Attn Builders & developers! Drawings done and submitted to the city of Vancouver for duplex project. Tenanted property with rent @ $2400/ month. Tenants given notice to leave in 2 months but willing to stay. Existing bungalow is still livable with original hardwood floors. Full 33 x 122’ Lot. Steps to Charles Dickens Annex School, King Edward Village Shopping complex, Save On Foods, Vancouver Library, TD Bank .. Close to public transit lines to downtown and UBC.
8341 & 8325 F French h St BUILDING LOTS | $3,398,000 per lot ATTN: DEVELOPERS or INVESTORS!!! 45’ x 106.74’, RM8 Zoning, possible development for 8 townhouse units , please consult with the city of Vancouver. Located on quiet street in Marpole Central Neighborhood! Must be sold together. Close to nearby townhouse developments on Granville street, Safeway, transit, restaurants & others.Call Emma Co.
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY S E PT E M B E R 2 2 , 2 0 1 6
“Your East Vancouver Real Estate Experts!” NEW LISTING
$2,999,900
Lisa MacIntosh
Diane Kunic-Grandjean
KITSILANO'S TATLOW PARK 4 LEVEL 1912 CHARACTER HOUSE WITH 3 SUITES! 7 BED - 3 BATHS - 3360 SQFT Unique 1912 four level Character home North of 4th at Tatlow Park in Kitsilano! Come discover 3 sizeable, comfortable suites comprising of a 3 bed garden level (847 sqft), 1 bed & den on the main floor (976 sqft) and an owner-occupied eclectic top 2 level 3 bedroom suite of 1537 sqft! In-suite laundry on each floor, lots of mechanical updates over the past 28 years, this Grande Dame offers not only an inviting private front yard for your al fresco dinners, but a large enclosed backyard & decks on each level from which to take in the North shore views. This part of 3rd now being a cul-de-sac, you'll come for the quietness but will stay for the funkiness of this lady in pink & ease of access to a secluded beach via beautiful Tatlow park. 2831 W. 3RD AVE.
STEPS AWAY FROM TROUT LAKE, SOUTH FACING 1925 CRAFTSMAN BEAUTY IN THE HEART OF FRONT ½ DUPLEX - 3 BED UP, 2.5 BATH & DETACHED GARAGE KITSILANO – 4 BED, 2.5 BATH W/LEGAL SUITE 1785 E.14TH AVE.
$1,149,900
This is not your usual South facing ½ duplex: step inside to a well-laid out floor plan offering a refreshingly expansive living room with fireplace, a dining area able to host numerous guests & a wonderfully appointed kitchen with shiny white cupboards, s/s appliances & beautiful black granite countertops. The top floor will wow you with its 3 bedrooms & 2 bathrooms of unusually ample size – especially the master bed & its ensuite! Fantastic amount of natural light throughout, storage galore & a powder room on the main floor. BONUS: detached garage turned into a storage & office space! Feel right at home with its Westcoast flair, covered porch, large front garden and a short walk to Trout Lake & its Farmer’s market.
VERY UNIQUE 1 BEDROOM CORNER UNIT OF 702 SQ.FT. W/ FANTASTIC & PRIVATE OUTDOOR SPACE! 107-925 W. 15TH AVE.
$484,900
Set on the quiet North East corner, this 720 sq.ft. split-level 1 bedroom shares only one wall with its neighbor & is sure to impress you with a functional U-shaped self-contained kitchen, sizeable bedroom offering 2 closets & a window overlooking your very own deck. Step up to a sun-filled open concept space with beautiful Brazilian hardwood flooring throughout, a dining area easily hosting 10 people without forgetting an ample living area with a woodburning fireplace. UNIQUE BONUS: your very own private semi-covered wrap-around deck of nearly 300 sq.ft. overlooking the yard of a house! Where do you get this in the city? Insuite laundry, 1 parking, 1 cat or 1 dog (max 40lbs). All balconies done & depreciation report available. A delight to show!
3444 W. 5TH AVE.
$2,950,000
Sitting across from McBride Park in the heart of Kitsilano, this 1925 Craftsman offers yesterday's cachet with today's comfort. Beautifully restored character home with all of the original Fir trim work lovingly refinished. The foyer's wainscoting sets the tone for the main floor: a spacious front reading room/den, a large living room with fireplace opening onto a dining room designed for entertaining. In the mood for a BBQ? Open your French doors and step onto your gigantic South facing deck! Upstairs offers 3 sizeable bdrms, the front bdrm has a unique attached crafts room. BONUS-a full height basement with a self-contained 1 bdrm suite (done with permits) with its own south facing patio. The front & back gardens are enjoyed from every window, creating an Urban Oasis on this 46x120 lot.
TROUT LAKE & THE DRIVE – FANTASTIC FRONT ½ DUPLEX - 3 BED & 2.5 BATH! 1656 East 13th Avenue
$1,149,900
Fabulous front 1/2 duplex on a 33x127 lot, a stone throw away from Trout Lake and The Drive! It has it all: 3 spacious bed on the upper floor, including a master bed with large window with North Shore Mountain views, a newly renovated en-suite and 2nd full bath with jetted tub. The main floor offers a unique layout: very airy, spacious living room with substantial ceiling height, gas fireplace and a bay window overlooking the front yard. Sizeable dining area easily welcoming a party of 8, adjacent to a well-appointed U-shaped kitchen with plethora of storage and granite countertops. Separate large pantry-laundry room. Enjoy the front & side gardens which sizes can rival that of a house. New windows throughout, new fence & front stairs. Transit, Restaurants, Fun, Parks all at your doorstep. This is East Van living at its best!
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
www.dexterrealty.com
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale 1806-111 E. 1ST AVE.
$2,188,000
Taking our Listings Global 104-228 E14th Ave
$599,000
304-4815 ELDORADO MEWS
THE TRUE MEANING OF LUXURY! Brand new 3 bed Penthouse in the heart of Vancouver with exquisite views of downtown and the North Shore mountains. Private rooftop patio perfect for entertaining. Top of the line finishings. Extremely rare opportunity. Donʼt miss this gem of a home! 1806-111 E.1ST AVE. Lisa Findlay 778-378-8090
★
OPEN SAT/SUN 2-4PM HUGE GARDEN PATIO!
• Unbeatable location! • A new life? • A new relationship? • A new baby? • Rarely available! Philip Rogers 604-808-4623
$499,000
2 BED WITH A VIEW Open layout 2 bed / 1 bath with mountain view in Collingwood. Only 3 years young. Great for investors and first time buyers. Pet & rental friendly.
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY S E PT E M B E R 2 2 , 2 0 1 6
Pradip Anand anandpradip@yahoo.ca
Master Medallion Club Member
604.808.6595 Fraseridge Realty F
Associate Broker
754 E 60TH AVE
FEATURE HOME!
Excellent location. THE MAIN AREA CORRIDOR, THE MOST DESIRED AREA IN TODAYS MARKET. Build your dream home on this 38x122.45 lot!!! Please call!!
EXCELLENT BUILDING LOT 38X122 SUPER MAIN AREA
$1,738,000
$1,738,000
242 E 45TH AVENUE
718 RENFREW ST
231 LEBLEU ST
$1,788,000
708 RENFREW ST
$1,988,000
$1,988,000
Brand New 3 Level with a 2bdrm Laneway house (under construction) house built by a reputable builder in a good location. Comes with 3 bdrms on top floor with 3 full baths, main floor with living rm, gourmet kitchen adjoining a family rm plus a spice kitchen and a full bath. Basement has two bdrm legal suite plus potential for another one bdrm suite. Quality workmanship with modern features and fine detailing, fully landscaped and blinds plus quality appliances. 516 sq ft is Laneway House. Please call for more details. . All sizes and ages are approx. only. The Buyer should not rely upon the listing information without the Buyer independently verifying the information.
$1,988,000
8364 16TH AVE $1,098,000 Double lot, (40 x 149.2 each) two PID"s!!! Excellent holding or development property. Huge, 3 level house in a very good location with good rental income. Rezone to RT3 for more options. Potential for FOURPLEX or build FOUR DETACHED UNITS APPROX 2,200 SQ FT EACH. Call for more information. All sizes and ages are approx. only. The Buyer should not rely upon the listing information without the Buyer independently verifying the information.
2825 VENABLES ST
2831 VENABLES ST
$2,488,000
$2,488,000
Under construction, this 3,000 sqft house with 2 bdrm legal suite and a Laneway house. Potential for other 2 bdrm suite in a very desirable area. Boasts 4 bdrm up with 4 full baths, main floor with a bdrm, living rm, dining rm, family rm adjoining a gourmet kitchen. Bsmt has a 2 bdrm legal suite and a potential for other 2 bdrm suite PLUS a 2 bdrm 530 sqft Laneway house with a 1 car garage. Built by a quality builder with all modern features, 10 ft ceiling on main floor, central air condition, security system & much, much more! Please call for more information. All sizes and ages are approx. only. The Buyer should not rely upon the listing information without the Buyer independently verifying the information.
LISTINGS WANTED - HAVE CASH BUYERS!!!
cell: 778.829.1105 | email: brian@brianrhys.com www.brianrhys.com
Welcome Home
894 ORWELL STREET LYNNMOUR, NORTH VANCOUVER
OPEN HOUSE Sunday 2pm-4pm
Highly desirable Development or Holding Property in Lynnmour with an existing nicely updated 4 bdrm/4 bath home including a guest suite in a quiet location at the end of a cul-de-sac. Double French doors open to a private garden with pond and large storage shed backing onto Inter River Park playground. Designated RES3 with a FSR up to .80 on The District of North Vancouver Official Community Plan. Build a Duplex or Triplex in this bustling newly developed area conveniently located close to highway access, recreational bike and hiking trails, Lynnmour Elementary, Capilano University, Real Canadian Superstore, Lower Seymour Conservation Reserve and Lynn Canyon Park.
For Video Tour Visit: BrianRhys.com
$2,288,800
Only available until September 30**
*Some conditions apply. The Annual Percentage Rate (APR) is for a mortgage of $100,000 with monthly payments and a 25-year amortization, assuming no fees apply. If fees and/or charges apply, the total Cost of Credit and APR would increase. This promotion is subject to member(s) being approved by Prospera Credit Union’s lending guidelines. Limited time offer. **Mortgage must be approved by September 30, 2016 to qualify. Offer and rate may be changed, extended, or withdrawn at any time without notice. Available O.A.C.†Prospera will reimburse up to a maximum of $1,000 the discharge fee charged by the member’s current financial institution and/or any new legal and appraisal fees. For full details on the myStyle mortgage and Prospera Perks, please visit www.prospera.ca, talk to us at a branch or call 1.888.440.4480.
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY S E PT E M B E R 2 2 , 2 0 1 6
Beautiful spacious cottages in a natural setting, an exclusive clubhouse with pool, and abundant recreational possibilities makes Bridal Falls a one-of-a-kind resort ownership opportunity in Canada
Phase 2 Release Oct 1st Select from over 40 new lots and purchase now for Spring 2017 cottage delivery. COTTAGE SHOW HOMES OPEN DAILY 11 - 4 53480 BRIDAL FALLS RD, BRIDAL FALLS, BC 604.745.4104
DiscoverBridalFalls.com
.com
www.
OUTSTANDING AGENT
604-275-9787 patsy@patsyhui.com WESTCOAST
... OUTSTANDING RESULTS
IN PRINT AND ONLINE
PREC
(604) 261-7275
115 Sales so far in 2016!
RECIPIENT OF RE/MAX LUMINARY OF DISTINCTION AWARD
$1,899,000
NORM FLOCKHART
13 Year Member of MLS Medallion Club
6-BDRM 2-LEVEL HOME
$1,480,000
6688 CULLODEN STREET Lovely 2204 sqʼ BRIGHT & SPACIOUS family home in desirable SOUTH VANCOUVER location. 9ʼ ceiling on main floor. MAPLE FLOORING in living & dining room. MAPLE CABINETS & GRANITE COUNTERTOPS in kitchen. Gas fireplace in living room. TILE ROOF & RADIANT HOT WATER HEATING THRU-OUT. 3 bedrooms, 2 full baths on main. Downstairs has a 1-BEDROOM SUITE & 2-BEDROOM SUITE WITH SEPARATE ENTRANCE. Close to transit & schools. A pleasure to show!
2396 SQ.FT. HOME! 6 BR'S, 3.5 BATHS! This clean family home is over-built by today's by-laws! 3 BR's, 1.5 Baths on Main. Bright Family Room. 3 BR's & 2 Baths in high, ground level Bsmt. 2nd Kitchen down. Vinyl double-glazed windows & newer gutters. Next to 37th Ave Greenway! 5333 Ross St., Van.
OPEN SUN 3-5!
3 BR's & DEN! QUIET, TREE-LINED STREET!
Looking for a New Brokerage? 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
1930 Home features lots of original woodwork, brick-faced fireplace, & high ceilings on Main. Easy to suite the unfinished Bsmt. Upgraded wiring & panel. 33' x 98' Lot. Still work to be done, but super location! 5251 St. Catherines Street
OPEN SAT 3-5!
3 BDRM FAMILY HOME! SUNNY CORNER LOT! Clean & tidy family home w/ 3 BR's & 1 Bath on Main. Fir floors under carpets, eat-in Kitchen, & Conservatory at the back. Inside or outside access to the ground level Bsmt. Rec rm, bar, Den, 3 pce Bath, Laundry & Storage. Easy to suite. 33ʼ x 122ʼ lot! 1003 East 38th Avenue
www.normflockhart.com
Your go-to source for the latest Lower Mainland listings, news and advice
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LIVE YOUR COASTAL LIFE
A COLLECTION OF 49 REFINED SINGLE-FAMILY HOMES NEW RELEASE COMING THIS OCTOBER Westpointe’s highly anticipated new release will include some of the largest homes and most desirable south-facing locations in the development. These elegant 3–5 bedroom residences range from 3,025 – 3,625 sq.ft. and feature timeless craftsman architecture with rich, refined interiors ideal for entertaining, relaxing or everyday family living. Located in the heart of South Surrey’s beautiful Ocean Park neighbourhood, Westpointe offers a unique opportunity to live in an established community, just steps from the shores of the Pacific.
PRESENTATION CENTRE + DISPLAY HOME 1551-130 ST, SURREY, BC – OPEN BY PRIVATE APPOINTMENT
WESTPOINTELIVING.COM 604.833.9193
THIS IS NOT AN OFFERING FOR SALE. E.&O.E.
SALES AND MARKETING BY
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VANCOUVER EASTSIDE
THURSDAY, SEPTEMBER 22, 2016
Looking for a new home? Start here.
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Metro Vancouver Housing Starts and Building Permits See Summer Slump: Reports
T
he number of new homes breaking ground in the Vancouver Metropolitan Area (CMA) trended lower in August than in the previous month, levelling off after what had been a busy few months for home building, according to a Canada Mortgage and Housing Corporation (CMHC) report released September 9. Housing starts were trending at 28,108 units in August compared with 30,333 units in July. The trend is a sixmonth moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. “While actual housing starts remain well above levels recorded in 2015, August did see a dip in the trend for the first time this year,” said Robyn Adamache, CMHC principal market analyst for Vancouver. “Large multi-unit condo projects in Burnaby, Coquitlam and Vancouver account for just over half of all new residential starts in August.” Housing starts in the AbbotsfordMission CMA were trending at 1,005 units in August, down from 1,241 units in July. Across Canada, the trend fell to
195,640 units in August compared with 201,379 in July as the summer slowdown was seen throughout the nation. “Housing starts declined in August, as construction of multi-unit dwellings slowed in most regions, led by lower activity in Alberta and Manitoba,” said Bob Dugan, CMHC’s chief economist. “However, housing market activity levels remain elevated and this decline in starts is the market’s response to increasing levels of supply. Multi-unit inventories are above average in several major markets across the country.” CMHC said it uses six-month moving averages to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, said the CMHC, analyzing only the monthly seasonally adjusted data can be misleading in some markets, as they can be variable from one month to the next.
New home construction permits in Vancouver in July 2016 were valued at just over $435 million, according to the federal statistics agency – a year-overyear decline of 44 per cent, although a rise of 22 per cent over June’s even greater slump. July saw $151 million worth of singlefamily-home permits issued, down 5.9 per cent year over year, and condoapartment permits worth just shy of $239 million were issued, an annual drop of 55.5 per cent. Across the whole province, $713 million of residential building permits were issued in July – a very slight rise over the $708 million seen in June, but a 31.4 per cent fall year over year. Kelowna was the only BC centre surveyed to see a year-over-
year increase, nearly doubling with an annual rise of 94.8 per cent, whereas Abbotsford-Mission and Victoria saw the value of their residential building permits issued drop compared with last July, down 57.3 per cent and 20.8 per cent respectively. Across Canada, the value of residential building permits was down 18.3 per cent year over year, and 4.5 per cent from June, to $4.01 billion. Of all the provinces and territories, Alberta once again saw the steepest year-over-year fall in the value of residential building permits nationally at 36.6 per cent.
Building Permits The CMHC’s August housing starts figures were released a day after Statistics Canada published its July home building permit values September 8.
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