The Real Estate Board of Greater Vancouver has released stats for April which show mixed results, but cautious optimism across Metro Vancouver. A sample of selected areas in Metro Vancouver shows pricing at various trajectories as follows:

 Year over year pricing is still in decline pretty much across the board, with the exception of some of the Fraser Valley suburbs which did not exhibit significant price increases over the past two years. Pitt Meadows condos, for example, have shown a slight increase of 5.5% since May 2012. Other markets with much higher levels of new inventory, such as North Burnaby, have declined about 2.5% year over year.

Prices appear to have stabilized on the Westside of Vancouver after a solid 10-month decline that saw a drop of 8.5% in benchmark prices. Prices are actually up 3.5% since hitting a two-year low in January.

Source: REBGV Stats.

Investors Group has sold Newton Commerce Centre in Surrey for $7,000,000. The vacant office building, located at 76th Avenue and 130th Street, is a two-storey building built in 2001. The building is 42,500 SF, making the sale $165 per SF.

Peace Arch News – Foes, supporters out in force for White Rock development.

Residents for and against a 12-storey project proposed for Vidal Street packed White Rock city hall to overflowing Monday.

Of the nearly two dozen who spoke, more than half – including a number who currently call the site home and the project’s architects – voiced support, describing the concrete residential complex as an attractive, responsible one that will help revitalize the city.

“This is the kind of project that will put White Rock on the map,” said Judy Tallas. “This building will be the prototype for future projects… a project that will set a precedent for White Rock’s growth.”

Opponents argued its height and density are inappropriate for the neighbourhood, and cited impacts to views, property values and a lack of infrastructure.

Read more: http://www.peacearchnews.com/news/205684661.html

Loblaw Cos. Ltd., Canada’s largest food retailer, reported a 40-per-cent increase in first-quarter profit and said it plans to compete the initial public offering of its real estate investment trust (REIT) in early to mid-July.

The company, majority-owned by George Weston Ltd., also raised its quarterly dividend by 9 per cent to 24 cents per share. This was the second time in six months that the company raised its dividend.

Loblaw, which also sells clothing, footwear and drugs, reiterated its outlook for 2013 despite increasing competition.

U.S. discount retailer Target Corp. opened its first three Canadian stores in March and plans to have more than 100 by the end of this year.

Read more: http://www.theglobeandmail.com/report-on-business/loblaws-7-billion-reit-offering-planned-for-july/article11649029/