Cressey has begun the development application process for The Ridge site on Arbutus Street at 16th Avenue.  Shown in the rendering above, the planned project would consist of five storeys, 52 dwelling units and 21,000 square feet of retail space, similar to the development of properties further North on Arbutus Street and much smaller scale than the upcoming Arbutus Village.  The project will preserve the iconic Ridge sign that has been on the site for decades as well as provide numerous amenities such as what is likely to become a grocery store and improved park space around the development.

Is a slowdown finally on the horizon? A review of sales prices (as indicated by the Greater Vancouver Real Estate Board’s Housing Price Index) shows that benchmark pricing for single-family homes have increased steadily over the past two years.

According to the GVREB, May 2012 sales were at a 10-year low, which certainly does not bode well for prices moving forward. Sales volumes were down for all property types as follows: