The Real Estate Board of Greater Vancouver has released their July 2013 stats. Generally, the market is showing increased sales activity over the summer months, and while pricing has been generally flat or slightly increasing in most areas. Some other highlights:

• Sales of condos reached 1,210 in July 2013, a 30.5% compared to the 927 sales in July 2012.
• The total number of properties currently listed for sale on in Metro Vancouver is
  16,618, which is an 8.1 per cent decrease compared to July 2012 and a 3.9 per cent decline from June 2013.
• Single family prices continued a downward trend, and are down 3.1% year over year (YoY). Vancouver Westside is down 4.7% during the same period.
• Overall Condo prices in Metro Vancouver are down 1.6% YoY.
• The only area where the overall benchmark price has increased since July 2012? Pitt Meadows, at 1.9% growth.
• Bowen Island (-0.7%) and the Sunshine Coast (-4.3%) are the only areas where single family pricing has declined since January.
• Ladner (-1.4%), Port Coquitlam (-2.9%), Maple Ridge (-3.1%), West Vancouver (-2.9%) and Tsawwassen (-2.6%) are the only condo markets where average pricing has declined since January.

Source: REBGV

Steveston secondary sold to residential developer.

The Steveston secondary site has finally been sold to a residential developer.

Richmond School Board decided earlier this week to accept a conditional offer from Vancouver-based Polygon to develop the 13-acre site on No. 2 Road, just north of Steveston Highway.

The price has yet to be disclosed, but the school district was hoping for up to $50 million previously for the prime site, which has been up for sale since 2007.

Polygon, one of three preferred bidders, is expected to close the deal by Sept. 30, when all the information surrounding the transaction will be made public.

“Like most real estate deals, our purchase agreement with the school district is subject to a due diligence period where we hope to be able to assess and identify any specific issues related to the property,” said Neil Chrystal, speaking on behalf of Polygon.

45-115 SW Marine Drive Brochure

Contact David Taylor for further details.

Sharp Villa Apartments, a 126-unit apartment complex located at the Northeast corner of SE Marine Drive and Fraser Street has sold for $11,750,000, or $93,250 per unit. The 3-storey building is located on a 1.2 acre site and has several retail units on the ground floor.

City OKs smaller sized units.

The City of North Vancouver has agreed to reduce the minimum unit size in apartment and condo buildings.

Following a public hearing, council voted July 15 to change the minimum size requirements that currently range from 450 square feet to 850 square feet, to 400 square feet for all unit types, regardless of the number of bedrooms.

“They work in most places, so that’s the key,” said Mayor Darrell Mussatto. “I don’t think any developer is going to build a unit that’s 400 square feet for three bedrooms. That would be pretty crazy. That would be Hong Kong style.”

Though most of council approved of the changes, there was some opposition.

“Until somebody proves to me that you can make 400 square feet work as a three bedroom facility, I can’t support that,” said Coun. Rod Clark.