Big sale as developer liquidates local units

Onni’s liquidation sale comes as the once hot Lower Mainland real estate market cools down amidst a global economic downturn. According to the company’s media release, the financial benefits of selling the properties at reduced prices outweigh the costs of holding on to the properties in hopes of getting a higher price.

At the Suter Brook development in PoMo, two-bedroom apartments once valued at $453,900 will now sell for $340,000 while 655 foot studio apartments, originally priced at $319,000, will now sell for approximately $240,000. In PoCo, a 1,000 square foot unit at South Verde, originally expected to fetch $389,000 will now sell for approximately $280,000.

The sale will also include other properties in the Metro Vancouver area, totalling more than 375 condominium suites worth close to $150 million.

Vancouver to borrow $360M for Olympic village

VICTORIA, British Columbia (AP) — The city of Vancouver will borrow more than $360 million to ensure the $800-million athletes village will be built for the 2010 Winter Olympics.

British Columbia politicians voted unanimously Sunday to support legislation that allows Vancouver to borrow the money without going to a public referendum.

Politicians debated the bill for about 20 hours straight. Opposition New Democrats had accused the government of hiding the costs of the Vancouver Olympics.

British Columbia Premier Gordon Campbell said the legislation will allow 2,000 construction workers to keep their jobs and continue a building project that will enhance the city's waterfront.

House sales come tumbling down

The flood of grim economic news continued yesterday as the B.C. Real Estate Association reported that home sales tumbled 33 per cent last year.

Residential sales across the province plunged to 68,923 units in 2008, the lowest level since 2000 when 54,179 transactions were posted, the association said.

The average home price in 2008 was $454,599, up 3.5 per cent from 2007.

Metro Vancouver to see deepest property-price dip nationally

Metro Vancouver's home prices rose the highest in Canada's property boom and will fall the farthest in its correction, real estate firm Royal LePage has forecast.

Royal LePage Real Estate Services, in its 2009 market survey forecast released today, predicts that Metro's average home price will decline nine per cent in 2009 to $540,100 from a 2008 forecast of $593,500.

That will be almost three times deeper than the national average decline for 2009 of three per cent, which should bring the average home price down to $295,000 nationally.