A look at the Real Estate Board of Vancouver’s September statistics shows continued evidence that pricing is beginning to be affected by a rapid slowdown in sales. Overall benchmark pricing is down 0.8% YoY and 1.8% over the last six months.

A more detailed review of performance by submarket shows some clear winners and losers over the last 6 months around the time the market started to show signs of weakening. Only 4 submarkets did not show a decline in benchmark prices over the past 6 months: Coquitlam, North Vancouver, Port Moody and Squamish.

Source: REBGV stats. Benchmark resale price change over 6 months ending Sep 2012.

Perhaps not surprisingly, the biggest benchmark price decline over the past 6 months was for single family homes on the West side of Vancouver, declining 6.3%. Richmond was not far behind. Port Coquitlam also showed a decrease of 4.0% in attached homes.

Squamish and Port Moody were clearly two of the strongest markets, showing price increases over the past 6 months for every housing type. One could argue that every submarket will eventually show declines, although some markets, such as Squamish appear to have little room to drop amid stagnant sales activity since 2007.

Housing Analysis Blog has underaken a more in-depth analysis of the stats release; worth the read…

As reported in the Globe and Mail, the Canada Post Site at 349 West Georgia (Homer and Georgia Street) has been listed for sale. The site is a full city block, 130,000 SF in total area, and allows a density of 5.0-7.0 FSR.

“…there are already roughly 20 companies and pension funds interested in the site, including the budget retailer Target.”

Due to view cones covering the property, the site would potentially allow buildings only up to 225-285 feet.

For more visit: http://www.theglobeandmail.com/news/british-columbia/vancouvers-canada-post-building-a-brokers-dream-a-heritage-advocates-nightmare/article4597726/

Coquitlam multifamily assets have shown a steady increase in value over the past 5 years as cap rates for apartment buildings have dropped across the region. This market is predominantly characterized by low-rise buildings. The average sales value over the past five years in this market is about $125,000, a value range that is consistent with areas such as East Vancouver and New Westminster.

Colliers is pleased to present, Riverside Terrace, a rare 14-acre residential development opportunity in North Vancouver.

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 > A unique opportunity to own a rare 14-acre residential parcel on the North Shore

> Build an expansive private estate home in a quiet, pristine setting surrounded by forested park land.

> Unique terraced topography of the site takes advantage of south facing exposure and creates ideal lot layout opportunity with great views.

> Easily accessible from Mt. Seymour Parkway and located just 15 minutes from Downtown Vancouver.

Contact David Taylor for more information.

8486 Granville Street provides the opportunity to acquire a nearly 10,000 square foot site in the Marpole area of Vancouver.  The property is immediately across Granville Street from Westbank’s Landmark project  – Granville at 70th. 

For more information please contact Ted Mildon or Matt Saunders.