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

711 Beach Avenue has been sold by Black Top Cabs for $6,500,000 to a private investor.The property is located at the corner of Beach Avenue and Howe Street in the Downtown South area.

The property is 8,399 sq ft, representing a price per sq ft of $774.

Simon Lim and David Taylor are pleased to have acted on behalf of the Vendor in the sale of 222-236 West Broadway, Vancouver, B.C.

Comprising three 2-storey commercial buildings on a 15,974 sq ft site, the property represents an excellent redevelopment opportunity with holding income located just 2 blocks east of Cambie Street and the Canada Line.

The price was $7,500,000, representing $158 per buildable sq ft.

The Sutton Place Hotel in Downtown Vancouver has been sold to Northland Properties Corporation for $163,625,000. The transaction includes the La Grande Residence building that had been operated as long-term stay units. Those units will likely be sold as strata-titled hotel units.

The hotel was built in 1986 and renovated in 2005. It comprises 561 units overall including 350 hotel rooms and 47 suites. The overall price per room is $291,667.

Allied REIT has acquired 948 Homer Street, a 4-storey office building located in Yaletown. The building is 45,321 square feet and was built in 1931. It features high ceilings and openable windows. The purchase price was $18,500,000, representing $408 per sq ft.

This is Allied REIT’s second office building acquisition in Vancouver after acquiring 840 Cambie Street earlier this year.

Source