The Olympics are over, and the Village is for sale. The complex in Vancouver, British Columbia, that housed the athletes during the 2010 Winter Olympics has been converted into 1,100 luxury condos. About 450 have been pre-sold, and the sales of the remainder may well render a verdict on a mystery that looms over this city like Grouse Mountain: Did Canada prudently steer its way clear of the worst of the financial crisis only to be rewarded with a massive housing bubble of its own?
On a bright, warm Saturday in late June, couples and families wandered through the empty village, which has been renamed Millenium Water. It opened for public tours last month and draws about 100 people a day. Millenium Water is a city of the future, built with enviro-touches like green roofs and automatic shades that moderate the temperature inside the apartments. An 815-square-foot, one-bedroom apartment is on sale for C$879,000, which works out to C$1,078 per square foot, or $12 higher than the average price in Manhattan, according to The Corcoran Report. (A Canadian dollar is currently worth about U.S. 96 cents.)
Monday, July 5, 2010
Thursday, January 14, 2010
FACE TO FACE/O'NEILL: Scrap the ALR and get real about B.C.'s land needs
FACE TO FACE: Is the Agricultural Land Reserve to blame for our house prices?
Rising house prices is a classic “good-news, bad-news” story. But it’s also a tale of unintended consequences.
A few weeks ago, the Canadian Real Estate Association reported that the Vancouver area led the country in the rebound of its residential real estate market, with a 22% increase compared with the same month a year before.
It’s good news for owners and sellers alike but also bad news for buyers, especially first-timers. The picture’s even more daunting considering that the Vancouver area already has the priciest residential real estate in the country.
Rising house prices is a classic “good-news, bad-news” story. But it’s also a tale of unintended consequences.
A few weeks ago, the Canadian Real Estate Association reported that the Vancouver area led the country in the rebound of its residential real estate market, with a 22% increase compared with the same month a year before.
It’s good news for owners and sellers alike but also bad news for buyers, especially first-timers. The picture’s even more daunting considering that the Vancouver area already has the priciest residential real estate in the country.
Wednesday, January 13, 2010
B.C. real estate market carried higher by wave of sales
ANCOUVER — A strong wave of property sales through British Columbia's southern and coastal property markets in December helped lift the province to a strong finish in 2009, the B.C. Real Estate Association reported Tuesday.
And the sales boost should give markets enough momentum to push sales growth into the first part of 2010, or until rising prices again start pushing more buyers out of the market, according to association chief economist Cameron Muir.
The province saw 5,703 homes sold through the Multiple Listing Service in December, a 132-per-cent increase from the same month in 2008, the second highest number ever.
For the year, B.C. recorded 85,028 sales through MLS, a 23-per-cent increase from all of 2008 and the annualized average price of a home hit $465,725 in 2009, a two-per-cent increase from 2008.
And the sales boost should give markets enough momentum to push sales growth into the first part of 2010, or until rising prices again start pushing more buyers out of the market, according to association chief economist Cameron Muir.
The province saw 5,703 homes sold through the Multiple Listing Service in December, a 132-per-cent increase from the same month in 2008, the second highest number ever.
For the year, B.C. recorded 85,028 sales through MLS, a 23-per-cent increase from all of 2008 and the annualized average price of a home hit $465,725 in 2009, a two-per-cent increase from 2008.
Saturday, January 9, 2010
Seller's market' for real estate: report
Victoria is a seller's market where home prices will stay strong -- particularly in the first two quarters of the year -- thanks to low interest rates, tight inventories and rising consumer confidence, says one of Canada's leading real estate companies.
According to Royal LePage's market survey forecast, released yesterday, Vancouver's average price for an existing home is predicted to rise 7.2 per cent this year over last year. Victoria was not included in the forecast of major metropolitan centres, but price increases aren't expected to be as high here as in Vancouver, said Carol Geurts, president of Royal LePage Coast Capital Realty.
According to Royal LePage's market survey forecast, released yesterday, Vancouver's average price for an existing home is predicted to rise 7.2 per cent this year over last year. Victoria was not included in the forecast of major metropolitan centres, but price increases aren't expected to be as high here as in Vancouver, said Carol Geurts, president of Royal LePage Coast Capital Realty.
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