Here is a quick look at the average pricing for concrete condo unit resales in various sub-areas of the Westside of Vancouver. The following criteria were used:

• Condos only (not townhouses)
• Concrete only (no woodframe)
• 3 years old or newer at time of resales
• 2014 Year-to-date

Some of these subareas have very small sample sizes (ie. less than 10 in the case of Marpole and Point Grey) but it still shows an interesting view.

Source: MLS

A recent analysis of the REBGV’s Housing Price Index for single family detached resales on the Westside of Vancouver shows that the index has reached an all-time high.

Year to date, there have been 1,498 single family house sales on the Westside of Vancouver, and the average sale price is a whopping $2,733,461. Only 136 homes have sold for less than $1,500,000, and the cheapest home sold was $877,000. (a tear down on West 41st near Main Street).

Source: REBGV HPI

With numbers like these, it is no wonder we are seeing increasing values in other areas and in the multifamily market.

By Paul Brent

It is likely not news to any commercial real estate industry veteran, but Montreal, Toronto and Vancouver are expensive places to do business when it comes to taxes.

A recent study from the Real Property Association of Canada (REALpac) confirms that fact, finding those three cities continue to sport the highest commercial to residential tax ratios in the country. The trio all have commercial to residential tax ratios higher than 4:1, while the average tax ratio for all Canadian municipalities was 2.79.

However, there is some good news in the report. Toronto’s commercial to residential tax ratio continues its slow but steady decline over the 11 years REALpac has been keeping track. The ratio declined to 4.01 from 4.07 a year ago. That’s part of the city’s deliberate effort to cut commercial taxes and reverse the exodus of business to the suburbs. Its goal by the end of the decade is to trim its commercial to residential tax ratio to 2.5.

In contrast, the study found Montreal’s ratio increased for the 10th consecutive year, even though there were decreases in both commercial and residential rates over the past two years. In fact, Montreal’s …read more

Source:: RENX

By ChangingCity

Here’s an office development on the 500 block of West Broadway that started construction just over 2 years ago. Designed by Studio One Architecture for Orca West (up to now a mainly residential developer) the project, initially known as the Neelu Barchra Centre, sits in the ‘Uptown’ commercial-only stretch of Broadway, close to the City Hall Canada Line station.

Initially marketed for lease, the scheme was switched to 127 strata office units and seems to have had far greater success as a result. The final building seems somehow more grey than the render suggested – although once the lights are on inside and the planting gets established it may be a closer match.

…read more

Source:: Changing City Updates

Affordable mortgage rates and low numbers of residential vacancies are making 2014 “a breakout year” for sales of apartment buildings across Metro Vancouver.

The Goodman Report, a local newsletter covering multi-family investment property, notes that selling volumes have been robust, with prices per-suite in suburban Vancouver markets up 22 per cent over 2013, 13 per cent for buildings in the city.

“Sensing that business, political and economic signs remain positive, new buyers both offshore and local have been relentlessly pursuing older three-storey frame and highrise buildings for retrofit opportunities,” says the report.

Written by father-son realtors David and Mark Goodman, it predicts 125 apartment buildings will sell through 2014, with a total value exceeding $800 million.

With 61 buildings sold as of July, the pace of sales is 36 per cent ahead of a year ago, signalling what the Goodmans are labelling “a bullish breakout”.

Read more: http://www.vancouversun.com/opinion/columnists/Barbara+Yaffe+Bullish+market+Vancouver+apartment/10253586/story.html