Resales activity for Downtown Vancouver condos (including the West End, Coal Harbour and Yaletown) have remained steady in recent months, with an overall average since 2010 of 220 sales per month. June 2012 is on pace to be one of the slower months in recent memory, and at a projected 142 sales based on MLS statistics, is anticipated to be one of the slowest Junes since 2000.

Source: MLS Stats (June 2012 estimated based on sales to June 19, 2012)

It appears that a slowdown is forthcoming, but unlike some areas, Downtown Vancouver is not a submarket with a glut of inventory coming on the market. This should bode relatively well for pricing for both new and resale product moving forward despite any correction in the market.

Vancouver City Council approved Westbank’s proposal for a 22 storey market residential tower under the STIR program at 1401 Comox Street in Vancouver’s West End yesterday.  Westbank originally applied to rezone the former church property in October of 2009 and after revisions to their proposal in 2010 and 2011 were successful in having the project approved.  The project will have a 7.14 FSR, stand 190 feet tall and 186 market rental units.

Ledingham McAllister’s Reflections highrise condo project in the Edmonds area of South Burnaby completed construction in Spring 2012, and has now sold 210 of the 218 available units at an overall average of approx. $490 per sq ft. The project began selling in mid-2010.

Ledingham McAllister is expected to introduce more residential units in the area with the redevelopment of Safeway’s distribution site. The project is expected to take at least a year or more to go through the rezoning process before development occurs.

North Shore Outlook – North Vancouver city council green lights Harbourside OCP amendment.

In what’s becoming a weekly scene at city hall, residents once again filled council chambers Monday night to debate another contentious development project.

On the menu this week was Concert Properties’ and Knightsbridge Properties’ mixed-use community planned for the vacant waterfront lands on Harbourside Drive, just east of Bodwell High School.

Read more: http://www.northshoreoutlook.com/news/160530635.html

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.