Based upon the most recent statistics from the Real Estate Board of Greater Vancouver’s Home Price Index, benchmark prices for residential real estate have shown a slight to moderate decline since May 2012, depending on housing type.

Click above for greater detail.

Source: REBGV stats. (The home price index measures the rate of change on housing prices based on resales data to obtain benchmark prices.)

For perspective, the benchmark price for single family has declined 4.8% since the peak in April 2012. Overall, since July 2010, single family homes prices in Richmond have risen 15.2%, while townhouses have risen 5.1%, and condos have actually declined 0.6% during the same period.

From a new supply perspective, there are currently estimated to be approx. 5,000 housing units under various stages of approval and development in Richmond (ie. 1-5 years delivery), most of which are either woodframe or concrete multifamily units. New townhouse construction comprises less than 7.0% of the total new units being built. New single family construction in Richmond is currently limited to small scale and single lot developments.

Burnaby NewsLeader – Plan to create ‘new heart in Edmonds’ launched.

A development “to create a new heart to Edmonds Town Centre” is being proposed for the Value Village property at Kingsway and Edmonds.

Cressey Developments has applied to the City of Burnaby to have the large, triangular property rezoned so it can build a project that contains office, residential and commercial space.

Read more: http://www.burnabynewsleader.com/news/164456536.html

The Real Estate Board of Greater Vancouver has released data for July 2012 which shows that pricing is beginning to be negatively impacted by slowing sales. A selected grouping of housing types and areas, shown below, shows pricing changes over the last two years.

This comes as July was the slowest month for home sales in Metro Vancouver since 2000. Of course, prices are still up in most areas YoY, but there has been a consistent decline in June/July  across all types and areas. Single family homes have shown the greatest run up in prices over the past two years.

(click above for greater detail)

The Home Price Index (HPI) measures local housing price changes similar to the consumer price index.

Source: REBGV stats

A local investor group has acquired 1827 West 5th Avenue, a 2-storey office building and parking lot located on West 5th Avenue in the Kitsilano area just west of Burrard Street. The building is 11,300 sq ft and is fully leased to KPMG for a term of two years with three one year renewal options.The site area is 11,200 sq ft.

The purchase price was $6,280,000, representing a 5.0% cap rate on existing income. The zoning for the property is RM-4 and C-3A, which permits redevelopment in the future.