Despite minor movements in price growth for single family homes in the City of Vancouver, there has been steady annualized growth of 12.6% since 2001. For example, while 2009 saw a decline in sales activity and prices dropping by approximately 4%, prices are now back up well above their previous 2008 peaks.

The average price of a detached single family home in the City of Vancouver has risen from $712,235 in 2001 to $2,336,634 as of July 2011.

Is this growth sustainable despite being inexorably unlinked to traditional metrics such as income and population growth?

Source: MLS

Rize Alliance is proposing to rezone a 1.8 acre site in Surrey City Centre from RF to Comprehensive Development Zone based on the RMC-150 to allow for the development of 471 condo units.

The proposed development is to consist of two, 28-storey apartment buildings containing 450 condo units and 21, 3-storey townhouses units. The development will be built in two phases with initial completion scheduled for 2014.

The proposed unit mix includes 96 studio units, 97 one-bedroom units, 146 one-bedroom and den
units, 103 two-bedroom units and 8 three-bedroom units. The proposed 21 townhouse units will each contain two bedrooms.

The total density is 5.5 FAR as per the City of Surrey’s high density residential designation for the site.

The development complements Weststone’s Ultra project next door.

Source

Simon Lim and David Taylor are pleased to have acted on behalf of the Vendor in the sale of 3900 & 3971 Bayview Street in Richmond, B.C.

The property comprises a newly constructed open-format retail centre on leasehold land on Steveston’s renowned waterfront. The property is fully leased and includes the adjacent parking lot. Riversong has a leasable area of 9,681 sq ft.

The purchase price was $3,300,000, representing $341 per sq ft. The cap rate was 7.5%.