A look at assessed values for single family homes across Metro Vancouver shows that approximately 70% of Metro Vancouver’s “luxury homes” are located in the City of Vancouver. Luxury homes are defined here as single family dwellings with a 2012 assessment of over $2,000,000. West Vancouver, which has long been a luxury home market, represents a further 20%, with the balance spread out across the lower mainland.

A telling statistic is that over 26% of single family dwellings in the City of Vancouver are now assessed at over $2,000,000. Over 55% of homes in the City of Vancouver (including East Vancouver) are now valued at over $1,000,000. It will be interesting to see how future economic and interest rate movements affect these numbers.

Source: BC Assessment Data

Vancouver real estate guru talks condominiums.

When a new condominium project sells out in one day, as it did with the Marine Gateway building in April, ever wonder who actually buys one of the units?

Real estate marketer Bob Rennie, whose company was responsible for selling the 414 apartments at the Cambie and Marine towers, gave some indication in his annual speech Thursday to the Urban Development Institute.

Read more: http://www.vancourier.com/news/Vancouver+real+estate+guru+talks+condominiums/6646930/story.html#ixzz1vbmgD0yt

The District of North Vancouver is currently undertaking community consultations on the Lower Capilano Marine Village Centre Plan. The area has been identified as one of the four key Town and Village Centres under the District’s new Official Community Plan, which was adopted in 2011. This will likely result in a dramatic change for an area that has seen relatively little development over the past 20 years.

Initial concept work proposes a public plaza extending west from Capilano Road south of Fullerton Avenue. The plan incorporates mid-rise residential buildings up to a density of 2.50 FSR, as well as commercial uses at grade.  The plan also calls for transportation improvements, a community centre, and public art as part of the development program.

A draft plan is expected to be put together in late 2012, with approval expected in 2012/2013.

More information can be found here.

Bentall Kennedy, on behalf of  the Bentall Kennedy Prime Canadian Property Fund and some other of its pension fund clients, has purchased Bentall 5 for approximately $400 Million, representing almost $700 per sq ft, and a cap rate below 5%. The Vendor in the transaction, the German bank Deka Immobilien GmbH, had purchased the tower just three years ago for $297 Million.

Paul Zemla, Chief Investment Officer for Bentall Kennedy’s Canadian operations told PR newswire: “Following direct discussions with Deka, we were very pleased to pursue this “AAA” office asset. Our knowledge and comfort with Bentall V, which we developed and have managed since its inception, combined with the very attractive long term prospects for the Vancouver office market made this a unique opportunity for our clients”.

The tower, completed in 2002 and expanded in 2007, contains approximately 580,000 sq ft of AAA office and retail space.

This deal represents a new benchmark for valuations of AAA office buildings in Vancouver.

Burnaby’s 401 Motor Inn eyed for social housing project.

Vancouver’s Portland Hotel Society wants Burnaby to “turn the light on” to address homelessness in the city.

Dan Small, a director with the society, spoke at council on Monday night, asking the mayor and councillors to demonstrate support for an affordable supported housing project at the 401 Motor Inn at 2950 Boundary Rd. The plan would see the motel turned into social housing with support services, such as on-site staff and counsellors.