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Old January 4th, 2010, 10:07 PM   #161
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Updated first page Jan. 4
Impressive boom rundown. Thanks for updating the list.
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Old January 8th, 2010, 01:47 PM   #162
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Real estate market expected to remain strong in first half of 2010
7 January 2010
The Canadian Press

TORONTO - Canada's residential real estate market is expected to remain unusually strong through the first half of this year after a strong finish to 2009, according to a survey published Thursday by Royal LePage.

The Royal LePage analysis is consistent with other recent reports on the state of the Canadian real estate market, which has rebounded over the past 12 months after sales dried up in late 2008 and hit a multi-year low in January 2009.

The Canadian market's sudden plunge was sparked by a credit crunch that originated in the U.S. housing and lending industries _ eventually spreading globally, causing a worldwide recession in the late summer and early fall of 2009.

However, the Canadian real estate market has been much quicker to recover than its American counterpart, in part because of a more stable banking industry, historically low interest rates and improving consumer confidence.

Royal LePage executive Phil Soper says Canada's real estate market enters 2010 with ``considerable momentum from an unusually strong finish to the previous year.''

The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity to new highs, he said in a statement.

Royal LePage says house prices appreciated in late 2009, with fourth-quarter price averages higher than in the fourth quarter of 2008.

The average price of detached bungalows rose to $315,055 (up six per cent), the price of a standard two-storey home rose to $353,026 (up 5.2 per cent), and the price of a standard condominium rose to $205,756 (up 6.4 per cent).

Regions that saw the strongest declines during the recession are now showing marked gains. Those regions include Toronto and the Lower Mainland, B.C.

Vancouver, which is frequently Canada's most expensive real estate market, experienced a particularly robust quarter, with home prices rising across all housing types surveyed.

``No other sector of the economy has been as highly affected by economic stimulus as housing,'' said Soper.

``As consumer confidence has improved, Canadians have shown a lingering reluctance to acquire depreciating assets such as consumer durables, but have embraced the opportunity to invest in real property.''

Royal LePage estimates that Vancouver's real estate prices will rise a further 7.2 per cent this year, although February may be soft because of the Olympic Winter Games that will be held in the city and nearby Whistler, B.C.

Detached bungalows in Vancouver sold for an average of $828,750 in the fourth quarter, up 11.4 per cent from the same period last year. Standard condominiums in Vancouver went up 11.8 per cent year-over-year to an average of $452,750. Prices of standard two-storey homes in Vancouver rose 9.6 per cent year-over-year, selling at $917,500.

In Toronto, the average price of a standard condo rose 2.9 per cent to $309,316, detached bungalows rose 9.9 per cent to $446,214 and standard detached homes increased 3.5 per cent to $564,175.

In Montreal, the average price of a detached bungalow rose to $245,125 (up 3.1 per cent; a condo increased to $216,667 (up 16 per cent) and a two-storey house increased 12.3 per cent from a year earlier to $345,789, Royal LePage said.

The Greater Montreal Real Estate Board reported Thursday that the number of sales last year increased 41,802, up three per cent from 2008. The median price of a single-family home was $235,000 last year, up four per cent from 2008.

``Although sales decreased the first four months of 2009, Montreal's real estate market rebounded and finished the year on a positive note,'' said Michel Beausejour, the Montreal board's chief executive.

The group that represents Toronto-area realtors reported Wednesday that there were 87,308 transactions last year through the Multiple Listing Service, a 17 per cent increase over 2008.

In December, there were 5,541 sales in the Greater Toronto Area (average price $411,931), up from 2,577 sales in December 2008 (average price $361,415), according to the Toronto Real Estate Board.

The Toronto board also said the number of sales of existing homes rebounded in the latter half of 2009 after a slow start at the beginning of last year.

Royal LePage's average price estimates for other Canadian cities include:

_St. John's, N.L.: Detached bungalow, $217,167 (up 14.3 per cent); standard two-storey house $298,833 (up 14.1 per cent).

_Halifax: Detached bungalow, $238,000 (up 10.7 per cent); standard two-storey homes, $265,333 (up 1.8 per cent).

_Charlottetown: Detached bungalow, $160,000 (up 1.9 per cent); standard two-storey $195,000 (up 3.7 per cent).

_Saint John, N.B.: Detached bungalow, $228,000 (up 1.3 per cent); standard two-storey $299,000 (up 1.5 per cent).

_Moncton, N.B.: Detached bungalow, $152,300 in the fourth quarter (up 1.5 per cent); standard two-storey home, $131,000 (up 4.0 per cent)

_Fredericton: Detached bungalow, $182,000 (up 12.3 per cent); standard two-storey, $210,000 (unchanged).

_Ottawa: Detached bungalow, $332,417 (up 3.4 per cent); standard two-story home $331,917 (up 3.7 per cent).

_Winnipeg: Detached bungalow, $241,650 (up 9.9 per cent); standard two-storey home $275,500 (up 10 per cent).

_Edmonton: Detached bungalow, $299,286 (down 0.7 per cent); standard two-storey home, $340,557 (down 1.2 per cent)

_Calgary: Detached bungalow, $412,478 (up 0.5 per cent); standard two-storey home, $427,067 (up 2.3 per cent).
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Old February 15th, 2010, 05:40 AM   #163
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Originally Posted by p5archit View Post
harberk- Vancouver isn't that small- however, the main reason why the city is so dense, is because it is an island, like Manhattan- thus the high concentrations of condo towers.

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vancouver is'nt an island
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Old February 20th, 2010, 03:22 AM   #164
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Downtown Vancouver is a peninsula. They are starting to develop the east side. The whole land area of the peninsula not including stanley park is only the size of midtown manhattan, much smaller than manhattan island itself.
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Old February 26th, 2010, 12:42 AM   #165
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Updated Feb. 25
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Old March 17th, 2010, 10:30 PM   #166
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Quote:
Originally Posted by Sir Conga View Post
The good news is this project is back on and the additional height has been approved. It is now set at 616 ft / 188 m. The latest news is that construction is set to restart June 2010.
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Old April 24th, 2010, 03:14 PM   #167
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Updated first page April 24
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Old May 20th, 2010, 08:17 PM   #168
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A long way yet for city to find gold in Olympic village deal
17 May 2010
Vancouver Sun

We love our open houses here in Vancouver, a chance to drop into a stranger's house, even if you're not really in the market, and find how much someone might get for a home in the land of stratospheric real estate prices.

Now we're about to see how high, or low, things can go thanks to the most anticipated open house in years.

I'm talking about the Olympic village, of course, that $1-billion development that's been a financial and political quagmire for the City of Vancouver.

Before the Olympics, when the market was good, 263 of the total 737 units were sold. The first of the remaining units were put on the block over the weekend and it's now the moment of truth: Will the City of Vancouver and its taxpayers ever make back their investment?

The man at the centre of this high-stakes game is Bob Rennie, Vancouver's uber condo marketer. It's his job to sell the remaining 474 units at the highest price the market will bear.

I found Rennie as upbeat as ever on the weekend (what do you expect from a guy who at the height of the financial crisis stuck artist Martin Creed's neon sign over his private art museum that advised, "Everything is going to be all right"?)

In the first 48 hours, some 12,000 people toured the show suites Rennie has on display in the Olympic village. The Condo King was ecstatic. He made 36 sales in two days, the highest a $4.75-million waterfront pad.

"I'm happy," he said. "Really happy. We're ahead of schedule."

But in this project, quick sales and high-octane marketing may not be enough.

Construction overruns, the credit crunch following the great recession and a recovering local real estate market that's nowhere near the prices the Olympic village's builders hoped for in 2010, have left the original business plan in tatters. Vancouver, which had to take over the project's management and offer $750 million in taxpayer-backed loans, remains in a financial vise.

Inside city hall, officials are encouraged by the interest in the Olympic condos. But privately they express fears the city won't recover the $170 million it is owed for the land on which the Olympic village stands.

Taking the land costs out of the equation, there may be the prospect for break-even, or a slight profit, on the construction price tag. But some serious challenges remain for this star-crossed real-estate deal.

The first is the HST, which will be applied to the new condos July 1.

Early buyers will no doubt be spurred on to make a deal before Canada Day, to escape the added HST costs. But the post-HST world could dampen buyer interest.

Vancouver city hall certainly thinks so. Officials have been lobbying the provincial government for an HST holiday, to help the city minimize the $1-billion project's losses. The province has responded with a flat no.

The other challenge is the time frame of the Olympic sales plan.

It's anticipated that sales of the remaining 474 condos will be stretched out over two years, to ensure there is no glut that might push down prices. The problem is the rising cost of credit.

The Bank of Canada is widely expected to begin raising the prime interest rate later this year; what many are calling the end of cheap money.

Mortgage rates will continue to rise, too, cooling the real estate market and making it significantly more costly to buy into what has become one of Vancouver's most expensive real-estate gambles.

Our Olympic lesson? Development is a risky game. Next time, the City of Vancouver should take the money for its land and leave the rest to the pros, not city pols and bureaucrats playing real-estate mogul.
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Old July 10th, 2010, 08:59 PM   #169
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Updated July 10. Added 777 Pacific Boulevard
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Old July 12th, 2010, 09:19 AM   #170
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nice!! i didnt know about that stuff
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Old August 24th, 2010, 11:18 PM   #171
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Updated projects list on first page!
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Old August 25th, 2010, 10:29 AM   #172
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City hall houses seven empty floors
Entire engineering department was moved last year to a leased space at a cost to taxpayers of $48 million

Vancouver Sun
23 August 2010

http://www.vancouversun.com/City+hal...571/story.html

For nearly 75 years, the imposing grey art deco city hall building at the corner of 12th and Cambie has been a symbol of civic government in Vancouver.

But for more than a year, city hall has harboured a secret, one created in the confusion of a growing and independent bureaucracy and complicated by changing politics and the 2010 Olympics. The upper seven floors of the 11-storey tower, built in 1936, are completely empty.

Last summer the entire engineering department moved into a newly built 86,000-square-foot commercial space at Cambie and Broadway that the city has leased for $41 million over the next 10 years. The city spent another $7 million to outfit and move the department. The move came in the same year the city laid off 158 people and raised taxes by 2.26 per cent to cover a $61-million shortfall in its $961-million budget.

That move, and another one this summer involving the social development, housing and cultural affairs departments moving into three city-owned floors of the renovated Woodward's heritage building were done in the absence of any master plan, something city manager Penny Ballem says can't happen again. She has now put a stop to departments making their own lease arrangements and wants to consolidate services back into a few city-owned buildings.

"I have never, ever, in my whole career -- and I've worked in many public sector organizations -- been in an organization where every department got to go out and lease their own space and make those kinds of decisions," she said.

"I am not criticizing people that went before. They made their plans and some of them have been put in place over the last year and a half. But at this point looking forwards, we are only a billion-dollar organization and we can't afford every department doing their own space planning and leasing their own space."

Ballem said the two moves were done for valid reasons at the time -- city staff have long complained about inadequate facilities, and the Woodward's move was a result of a deal made with the provincial and federal governments to provide coordinated governmental services in the Downtown Eastside. The city spent $300,000 on tenant improvements.

But she said she's unhappy that city services are scattered across at least half a dozen leased and owned buildings.

"Under my direction, what I have said is consolidate back, get rid of all the space we are paying for that we don't actually need. Bring it all back here," she said. The Woodward's move and the engineering lease are excluded from her directions.

When they left city hall, the engineers left everything, including desks, chairs, filing cabinets and boardroom tables. Now, the only services in the heritage building are the council chambers, mayor's and councillors' offices, city manager's office, a public counter and a handful of small departments on the first three floors. The Vancouver Services Review team is in temporary quarters on the fifth floor.

As part of the reorganization, the city quietly closed the fourth-floor offices of the working media, turning them into a storage room for the protocol department. It has promised the media new offices elsewhere.

Plans for the now-vacant floors aren't complete and the city hasn't approved a budget for repopulating at least five of the seven empty floors. But Ballem acknowledged that her office will move from the third floor to the sixth this fall, allowing Mayor Gregor Robertson to expand his offices into her existing space. The city will also create a dining room and meeting area in part of the mayor's old offices for the elected councillors who, Ballem says, now have no suitable place to eat. She said Robertson's space is too cramped and he has no private office.

Those renovations are expected to cost $260,000 and will be done later this year. They come in addition to more than $817,000 spent last year on new carpets, washrooms and public accessibility on the third floor for the Olympics. The city has put aside another $200,000 to renovate one floor that the sustainability department will occupy, and expects to spend upwards of $1 million on capital repairs, including new piping, electrical wiring and accessible washrooms, and removal of asbestos in the rest of the tower. But beyond that, plans for turning the upper floors into working departments again are in limbo while the city undertakes a review of future needs.

The renovation plans were delayed last year in part because of the Olympics, an exhaustive review of all services and the fact key staff are tied up with six federal infrastructure projects that have a deadline of next March, Ballem said. The public won't see any lavish decoration of either her or the mayor's offices, she insisted.

"My hope is [the public] would see it as responsible, and they have every right to know if we are putting gold-plated toilets in or beautiful cashmere rugs," she said. "When they come in, they will find it is pretty practical and there is nothing fluffy going in here. It is pretty basic."
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Old October 2nd, 2010, 07:29 AM   #173
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Updated Oct. 1

Added new proposal to first page: 1075 W Hastings
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Old October 21st, 2010, 11:30 PM   #174
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Updated first page projects - Oct. 21
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Old October 22nd, 2010, 06:16 AM   #175
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99 W. Pender tower looks stunning
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Old October 26th, 2010, 11:22 PM   #176
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Added Burrard Gateway proposal
Oct. 26
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Old October 28th, 2010, 08:13 PM   #177
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Updated first page. Oct 28
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Old October 29th, 2010, 07:31 AM   #178
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It's like a mini-Sydney. Would be nice if Vancouver had something like Sydney's proposed new Barangaroo development though.
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Old November 10th, 2010, 04:59 PM   #179
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Housing starts up in Metro Vancouver over bleak 2009
By Brian Morton, Vancouver Sun
November 8, 2010
http://www.vancouversun.com/business...785/story.html


Housing starts fell more than expected in October, Canada Mortgage and Housing Corp. said Monday.
Photograph by: Vancouver Sun files .


VANCOUVER -- Metro Vancouver has seen a sharp increase in housing starts this year, but the numbers are deceiving because 2009 was particularly bleak, according to Canada Mortgage and Housing Corp.

“We’ve seen some improvement, but it’s a modest improvement,” CMHC senior market analyst Robyn Adamache said in an interview Monday of the latest housing starts figures.

“Although the numbers look strong, you’re comparing them to last year, which was an unusually low number [of housing starts] year.”

According to CMHC, there were 1,447 housing starts in October in the Vancouver

Census Metropolitan Area (CMA), a 62-per-cent increase compared to October 2009; and 12,584 starts year-to-date, a 93-per-cent increase over the same period in 2009.

Adamache said Metro Vancouver is on pace to have between 13,000 and 14,000 starts this year, far less than the 20,000 per year experienced in the three years leading up to the recession.

For the city of Vancouver, housing starts totalled 382 in October, up from 53 in October 2009; and 3,409 year to date, compared to 1,173 over the same period last year.

The pace of new home construction was also up in October in the Abbotsford CMA. There were 67 housing starts last month, compared to 52 starts during the same month last year. For the first 10 months of the year, total housing starts in Abbotsford reached 418, compared to 298 during the same period last year.

The seasonally adjusted annual rate of total housing starts in B.C. edged down to 24,000 units in October, from 26,400 units in September.

CMHC official Carol Frketich said in an interview that B.C.’s results were similar to the national trend. “It’s in line with our forecast for 2010. We expected a bit of a moderation in housing construction by the end of the year.”

Nationally, housing starts fell more than expected in October, with the federal housing agency saying there was an annualized rate of 167,900 starts last month, down 9.2 per cent from 185,000 in September. The September number was revised down from the previously reported 186,400.

“Housing starts moved lower in October due to a decrease in urban single starts in all regions, with the exception of Atlantic Canada,” CMHC chief economist Bob Dugan said in a statement. “Both single-detached and multiple starts decreased last month.”

Economists polled by Bloomberg expected a rate of home-building beginnings of 183,000 in October.

The rate of housing starts in Canada has generally been trending lower since reaching a level of 205,700 in April. But it has recovered significantly from the rate seen during the recession, bottoming out at an annualized rate of 112,000 in April 2009.

In October, housing starts in urban areas — those with populations of 10,000 or more — were down 12.3 per cent to an annualized rate of 142,400.

Pascal Gauthier, senior economist with TD Economics, noted that single-family starts have been markedly weaker since the spring, while gains in multiple-housing have made overall declines fairly modest.

He added that “we maintain our forecast for continued weakness in overall home building through mid-2011 before a pickup in activity in 2012.”

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Old January 8th, 2011, 04:26 PM   #180
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Updated first page Jan. 8, 2011
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