Often considered a bellwether of the overall residential market in Metro Vancouver, resales of Westside homes are definitively showing a slowdown. According to MLS statistics, with just 47 homes sold as of June 20, it is expected that June 2012 will conclude with below 100 sales. If it happens, it will be one of the slowest months in the past few years and the first June since 2000 to finish below 100 sales.

The Richmond South / Steveston area is a mature and stable residential area. New housing supply is mostly through new townhouse and lowrise woodframe condos. The Steveston Area Plan, adopted in 2009, identifies some properties for redesignation to residential.

• New townhouse product is averaging approx. $460 per sq ft, or around $525,000 per unit.
• Absorption in this area is steady; driven largely by end users looking for an affordable and quieter alternative to Richmond’s more central areas.
• Two of the largest projects in the area include Townline Home’s ‘The Gardens‘ project on the former Fantasy Gardens site, where the first phases are over half pre-sold at prices in the mid-400’s per sq ft; and Onni’s Imperial Landing project on the Steveston waterfront, which is currently undergoing planning for future phases.
• Single family house pricing is being reinforced by a lack of available land. Average pricing for single family detached homes in this sub-market is now approaching $1,000,000, and newer homes easily eclipse the $1M mark at current market values.
• Some increased densification will be possible under the Steveston Area Plan; this will create development opportunities moving forward.

East Richmond could swell four times.

The east Richmond community of Hamilton could grow by up to four times, depending on what locals want to see happen.

Home to almost 5,000 people, Hamilton has long considered itself to be the forgotten child in terms of the services it receives from the City of Richmond.

Is a slowdown finally on the horizon? A review of sales prices (as indicated by the Greater Vancouver Real Estate Board’s Housing Price Index) shows that benchmark pricing for single-family homes have increased steadily over the past two years.

According to the GVREB, May 2012 sales were at a 10-year low, which certainly does not bode well for prices moving forward. Sales volumes were down for all property types as follows:

The City of Vancouver has unveiled its proposed new concept for the land under the Georgia and Dunsmuir viaducts based on input from stakeholders and an open ideas competition. The public is invited to view this new concept for the viaducts and provide their feedback at upcoming open houses. Staff is expected to report to council in July 2012.

The viaduct issue has been contentious as it weighs some urban benefits against the idea of using valuable public resources to tear down infrastructure that has not reached the end of its useful life.

Key Points of the Concept:

• Removal of Georgia and Dunsmuir Viaducts
• Georgia Street connection to Pacific (combined with Expo Blvd.)
• New bike lane connections, including option for bike lane on W. Georgia Street
• Approx. 850,000 sq ft of development potential (likely residential) between Quebec and Gore St.
• 10% increase in park area

Have your say at Public Open Houses:

Tuesday, June 5
4:00 – 7:00pm
Woodward’s Atrium
111 West Hastings

Thursday, June 7
3:30 – 6:30 pm
Creekside Community Centre
1 Athletes’ Way

Saturday, June 9
10:00 am – 2:00 pm
Central Library Promenade
350 West Georgia

Source: City of Vancouver