April 2010
- Thread starter Ally
- Start date
- Joined
- Mar 24, 2009
- Messages
- 16,743
Smoke alarm rules expanded to protech older buildings
VICTORIA – Changes to the BC Fire Code require that every private home and hotel or motel room built before 1979 must have smoke alarms installed by May 1, 2010.
Owners of these older buildings can install battery-operated smoke alarms, rather than connecting smoke alarms to the buildings` electrical system. Battery-operated smoke alarms are an affordable way to improve safety.
Home owners affected should contact their municipality or fire department to bring their buildings up to code by May 1, 2010. There are about 800,000 residential buildings in B.C. constructed before 1979. Some of them may require smoke alarms.
Previously buildings built after 1979 were required to have smoke alarms, and most municipalities have established bylaws that require smoke alarms be installed and maintained. The new law will increase public safety and awareness, helping to reduce the health risks and property damage caused by fire in older
Read the full article here.
VICTORIA – Changes to the BC Fire Code require that every private home and hotel or motel room built before 1979 must have smoke alarms installed by May 1, 2010.
Owners of these older buildings can install battery-operated smoke alarms, rather than connecting smoke alarms to the buildings` electrical system. Battery-operated smoke alarms are an affordable way to improve safety.
Home owners affected should contact their municipality or fire department to bring their buildings up to code by May 1, 2010. There are about 800,000 residential buildings in B.C. constructed before 1979. Some of them may require smoke alarms.
Previously buildings built after 1979 were required to have smoke alarms, and most municipalities have established bylaws that require smoke alarms be installed and maintained. The new law will increase public safety and awareness, helping to reduce the health risks and property damage caused by fire in older
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
BC Place complex to create thousands of jobs
VANCOUVER – A new 680,000 square foot entertainment complex attached to BC Place will create more than 8,500 direct and indirect jobs during construction and ongoing operation, increase tourism and build a more vibrant downtown, announced Premier Gordon Campbell and David Podmore, chair of BC Pavilion Corporation (PavCo).
PavCo, the Crown corporation that manages BC Place, confirmed today a 70-year lease agreement with Paragon Development Ltd. for two acres of the BC Place west side lands – the result of a competitive bidding process that attracted multiple proposals. The $450-million proposed project will feature two new internationally-branded hotels and a new gaming facility, subject to municipal approval.
"This project will create literally thousands of jobs and be an important generator of tourism and economic activity for Vancouver and the entire province," said Premier Campbell. "During the Olympic Winter Games the streets of Vancouver were alive with the Olympic spirit – and we hope this entertainment complex will help recapture some of that excitement."
The project is expected to create an estimated total employment of more than 3,200 direct and 2,200 indirect jobs during construction and an estimated total employment of more than 1,900 direct and 1,300 indirect jobs during facility operations. The facility is expected to generate up to $130 million in gaming revenues that will be distributed to the Province in the first full year. Pending City of Vancouver approval, Edgewater Casino will be relocated as part of the rezoning process.
Read the full article here.
VANCOUVER – A new 680,000 square foot entertainment complex attached to BC Place will create more than 8,500 direct and indirect jobs during construction and ongoing operation, increase tourism and build a more vibrant downtown, announced Premier Gordon Campbell and David Podmore, chair of BC Pavilion Corporation (PavCo).
PavCo, the Crown corporation that manages BC Place, confirmed today a 70-year lease agreement with Paragon Development Ltd. for two acres of the BC Place west side lands – the result of a competitive bidding process that attracted multiple proposals. The $450-million proposed project will feature two new internationally-branded hotels and a new gaming facility, subject to municipal approval.
"This project will create literally thousands of jobs and be an important generator of tourism and economic activity for Vancouver and the entire province," said Premier Campbell. "During the Olympic Winter Games the streets of Vancouver were alive with the Olympic spirit – and we hope this entertainment complex will help recapture some of that excitement."
The project is expected to create an estimated total employment of more than 3,200 direct and 2,200 indirect jobs during construction and an estimated total employment of more than 1,900 direct and 1,300 indirect jobs during facility operations. The facility is expected to generate up to $130 million in gaming revenues that will be distributed to the Province in the first full year. Pending City of Vancouver approval, Edgewater Casino will be relocated as part of the rezoning process.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Aquilini Group`s GM Place Tower back on the books
Vancouver`s Aquilini Group has put its 22-storey GM Place Tower project back on the drawing board, with plans to start construction this year on what could be downtown Vancouver`s first major office building in almost a decade.
David Negrin, president of Aquilini`s development and construction firm, said Wednesday the company had tenants lined up for the building and that he was in final discussions with the city to obtain a development permit for the 230,000-square-foot tower, which would rise over the General Motors Place hockey arena on Georgia Street.
Negrin said the building will have three over-height levels of retail space from Expo Boulevard to the height of the Georgia Viaduct, where the office building`s main lobby would be, then at least another 19 storeys of offices.
The company hopes to add a few storeys to the tower as it is developed. Negrin said adding some height to the building would still fit within the city`s height restrictions for view corridors.
Negrin said he expects the development to include new restaurants and other entertainment options as well as incorporate a few private stadium boxes that open into GM Place.
Read the full article here.
Vancouver`s Aquilini Group has put its 22-storey GM Place Tower project back on the drawing board, with plans to start construction this year on what could be downtown Vancouver`s first major office building in almost a decade.
David Negrin, president of Aquilini`s development and construction firm, said Wednesday the company had tenants lined up for the building and that he was in final discussions with the city to obtain a development permit for the 230,000-square-foot tower, which would rise over the General Motors Place hockey arena on Georgia Street.
Negrin said the building will have three over-height levels of retail space from Expo Boulevard to the height of the Georgia Viaduct, where the office building`s main lobby would be, then at least another 19 storeys of offices.
The company hopes to add a few storeys to the tower as it is developed. Negrin said adding some height to the building would still fit within the city`s height restrictions for view corridors.
Negrin said he expects the development to include new restaurants and other entertainment options as well as incorporate a few private stadium boxes that open into GM Place.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Vancouver business climate on an upswing
Vancouver`s competitive advantage over the major cities of the United States has jumped significantly in the last two years, according to a report by international consultants KPMG.
Vancouver ranks fifth -- up from 21st two years ago -- among 41 major international cities in terms of business competitiveness, says the report.
Montreal ranks third and Toronto sixth. Vancouver`s nearest geographical competitor, Seattle, ranks No. 29.
The KPMG report, called Competitive Alternatives, examines business competitiveness in 10 industrialized countries and 112 cities. It also breaks out the 41 largest cities, all with a population over two million and ranks them separately.
The biennial survey examines 26 cost components including labour, taxes, real estate and utilities.
Read the full article here.
Vancouver`s competitive advantage over the major cities of the United States has jumped significantly in the last two years, according to a report by international consultants KPMG.
Vancouver ranks fifth -- up from 21st two years ago -- among 41 major international cities in terms of business competitiveness, says the report.
Montreal ranks third and Toronto sixth. Vancouver`s nearest geographical competitor, Seattle, ranks No. 29.
The KPMG report, called Competitive Alternatives, examines business competitiveness in 10 industrialized countries and 112 cities. It also breaks out the 41 largest cities, all with a population over two million and ranks them separately.
The biennial survey examines 26 cost components including labour, taxes, real estate and utilities.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Lower Mainland markets balance out
Lower Mainland real estate markets were busier in February than realtors expected, considering the distraction of the Olympic Games.
Reports from the region`s major real estate boards also indicate that what had been sellers` markets eased into a balanced state or even buyers` markets. Metro Vancouver`s key real estate board recorded 2,473 sales in February, nearly 30-per-cent higher than January and dramatically higher than the 1,480 sales seen in February a year ago.
Metro Vancouver`s market slid solidly into balanced territory in February for the first time since last spring, when considering sales both as a proportion of new February listings and as a proportion of overall inventory, Robyn Adamache, a senior market analyst for Canada Mortgage and Housing Corp, said in an interview.
With an inventory of 11,346 unsold homes in February, the proportion of sales compared with total listings puts Metro Vancouver into balanced-market territory.
"The number of sales [in February], on a seasonally adjusted basis, trended lower," Adamache said. "That would be the second month we`ve seen that."
Read the full article here.
Lower Mainland real estate markets were busier in February than realtors expected, considering the distraction of the Olympic Games.
Reports from the region`s major real estate boards also indicate that what had been sellers` markets eased into a balanced state or even buyers` markets. Metro Vancouver`s key real estate board recorded 2,473 sales in February, nearly 30-per-cent higher than January and dramatically higher than the 1,480 sales seen in February a year ago.
Metro Vancouver`s market slid solidly into balanced territory in February for the first time since last spring, when considering sales both as a proportion of new February listings and as a proportion of overall inventory, Robyn Adamache, a senior market analyst for Canada Mortgage and Housing Corp, said in an interview.
With an inventory of 11,346 unsold homes in February, the proportion of sales compared with total listings puts Metro Vancouver into balanced-market territory.
"The number of sales [in February], on a seasonally adjusted basis, trended lower," Adamache said. "That would be the second month we`ve seen that."
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Mayor`s laneway-home championship not echoed at city hall
Have you ever noticed that some elected officials and the funding sources of their pet projects occasionally claim -to great fanfare -that they are the first to accomplish something, even though someone else has already accomplished the same thing?
Last week, Vancouver Mayor Gregor Robertson was among federal officials and project partners who presided at the unveiling of West House, a 610-square-foot demonstration laneway house located temporarily at Vancouver House, part of the LiveCity site in Yaletown. The builder was Vancouver-based Smallworks, a longtime and respected proponent of laneway housing.
"Today we open the door to the future of eco-friendly construction and design," said a beaming Robertson at the obligatory ribbon-cutting ceremony.
The news release from Western Economic Diversification Canada -the folks who cut the largest cheque for West House -noted the laneway house features a combined living/dining/ kitchen area, bathroom, loft bedroom and a garage with electric carcharging outlet. The home has solar collectors and showcases clean energy and B.C. technology.
The release boasted the exhibit is Vancouver`s first completed laneway house. Oh, really?
Read the full article here.
Have you ever noticed that some elected officials and the funding sources of their pet projects occasionally claim -to great fanfare -that they are the first to accomplish something, even though someone else has already accomplished the same thing?
Last week, Vancouver Mayor Gregor Robertson was among federal officials and project partners who presided at the unveiling of West House, a 610-square-foot demonstration laneway house located temporarily at Vancouver House, part of the LiveCity site in Yaletown. The builder was Vancouver-based Smallworks, a longtime and respected proponent of laneway housing.
"Today we open the door to the future of eco-friendly construction and design," said a beaming Robertson at the obligatory ribbon-cutting ceremony.
The news release from Western Economic Diversification Canada -the folks who cut the largest cheque for West House -noted the laneway house features a combined living/dining/ kitchen area, bathroom, loft bedroom and a garage with electric carcharging outlet. The home has solar collectors and showcases clean energy and B.C. technology.
The release boasted the exhibit is Vancouver`s first completed laneway house. Oh, really?
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. expected to lead the country in 2010 growth
Olympic spinoffs and an improved outlook for forestry and manufacturing will make British Columbia the leader in economic growth among Canadian provinces in 2010, according to the Conference Board of Canada.
B.C. will post growth of 3.7 per cent over the year, while renewed auto demand from the U.S. will help Ontario surpass the national average for the first time in nearly a decade with growth of 3.5 per cent, the board said in its Provincial Outlook Winter 2010, which was released on Monday.
B.C. will also benefit from an estimated $770-million boost to the economy from the Winter Olympic Games.
"The recovery in Central and Western Canada began to take shape in the last few months and will continue to do so through 2010.
All provinces are expected to post positive economic growth this year," said Marie-Christine Bernard, associate director, provincial forecasting
Read the full article here.
Olympic spinoffs and an improved outlook for forestry and manufacturing will make British Columbia the leader in economic growth among Canadian provinces in 2010, according to the Conference Board of Canada.
B.C. will post growth of 3.7 per cent over the year, while renewed auto demand from the U.S. will help Ontario surpass the national average for the first time in nearly a decade with growth of 3.5 per cent, the board said in its Provincial Outlook Winter 2010, which was released on Monday.
B.C. will also benefit from an estimated $770-million boost to the economy from the Winter Olympic Games.
"The recovery in Central and Western Canada began to take shape in the last few months and will continue to do so through 2010.
All provinces are expected to post positive economic growth this year," said Marie-Christine Bernard, associate director, provincial forecasting
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Lower Mainland real estate market strikes `balance`
The decline of Lower Mainland real estate markets, which started with falling sales more than a year and saw prices drop as the global recession developed, levelled out in May.
Metro Vancouver recorded its best year-over-year sales increase in May since February 2008 with 3,524 sales reported through the Multiple Listing Service, 17 per cent higher than the 3,002 sales recorded in the same month a year ago.
The so-called benchmark price in Metro Vancouver, averaged across property types, hit $506,201 in May, which is still 11 per cent below the same month in 2008, but higher than the $484,211 recorded in January.
Metro Vancouver`s inventory of unsold homes in May stood at 13,641, a 16-per-cent decrease from a year ago.
In the Fraser Valley, realtors recorded 1,501 MLS sales, which was still six per cent below the 1,599 sales recorded in May 2008, but "the closest we`ve been to a balanced market since early spring last year," Paul Penner, president of the Fraser Valley Real Estate Board said in a new release.
The benchmark price for a detached home in the Fraser Valley hit $465,939 in May, some 9.3 per cent below May of 2008, but higher than the $460,229 recorded last month.
Read the full article here.
The decline of Lower Mainland real estate markets, which started with falling sales more than a year and saw prices drop as the global recession developed, levelled out in May.
Metro Vancouver recorded its best year-over-year sales increase in May since February 2008 with 3,524 sales reported through the Multiple Listing Service, 17 per cent higher than the 3,002 sales recorded in the same month a year ago.
The so-called benchmark price in Metro Vancouver, averaged across property types, hit $506,201 in May, which is still 11 per cent below the same month in 2008, but higher than the $484,211 recorded in January.
Metro Vancouver`s inventory of unsold homes in May stood at 13,641, a 16-per-cent decrease from a year ago.
In the Fraser Valley, realtors recorded 1,501 MLS sales, which was still six per cent below the 1,599 sales recorded in May 2008, but "the closest we`ve been to a balanced market since early spring last year," Paul Penner, president of the Fraser Valley Real Estate Board said in a new release.
The benchmark price for a detached home in the Fraser Valley hit $465,939 in May, some 9.3 per cent below May of 2008, but higher than the $460,229 recorded last month.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Greater Vancouver real estate listings for March up 60% over the same month in 2009
VANCOUVER — A flood of new property listings in the Greater Vancouver region has helped to put the market into balanced territory between buyers and sellers, the Real Estate Board of Greater Vancouver said Tuesday.
The board said owners listed some 7,004 homes for sale on the Multiple Listing Service in March, some 60 per cent more than the same month a year ago and up 52 per cent compared with February. Total inventory of 13,538 is highest it has been in 10 months.
MLS sales, meanwhile, hit 3,137 in March, almost 39 per cent above March 2009 levels.
"With a sales-to-listings ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace," board president Jake Moldowan said in a news release.
The benchmark price, an average for typical homes sold, for detached houses hit $800,341 in March, up 23 per cent from the same month a year ago but down .6 per cent from the $800,796 benchmark seen in February.
Read the full article here.
VANCOUVER — A flood of new property listings in the Greater Vancouver region has helped to put the market into balanced territory between buyers and sellers, the Real Estate Board of Greater Vancouver said Tuesday.
The board said owners listed some 7,004 homes for sale on the Multiple Listing Service in March, some 60 per cent more than the same month a year ago and up 52 per cent compared with February. Total inventory of 13,538 is highest it has been in 10 months.
MLS sales, meanwhile, hit 3,137 in March, almost 39 per cent above March 2009 levels.
"With a sales-to-listings ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace," board president Jake Moldowan said in a news release.
The benchmark price, an average for typical homes sold, for detached houses hit $800,341 in March, up 23 per cent from the same month a year ago but down .6 per cent from the $800,796 benchmark seen in February.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Fraser Valley March real estate sales 56% above March 2009
VANCOUVER — The Fraser Valley`s real estate market re-entered buyers territory in March with strong sales, but a surge of new listings bringing the region`s inventory of unsold homes to near peak levels.
Fraser Valley realtors saw 1,565 sales cleared through the Multiple Listing Service in March, up 30 per cent from February and some 56 per cent above last March`s market, which was still in slow recovery from the economic downturn.
"March sales volumes can fluctuate as much as the weather," Deanna Horn, president of the Fraser Valley board, said in a news release. "This year`s reached the mid-point between the highs and lows seen over the last decade."
"However, available listings were near the peak, meaning buyers had lots to choose from and were clearly taking advantage of great buying opportunities."
Read the full article here.
VANCOUVER — The Fraser Valley`s real estate market re-entered buyers territory in March with strong sales, but a surge of new listings bringing the region`s inventory of unsold homes to near peak levels.
Fraser Valley realtors saw 1,565 sales cleared through the Multiple Listing Service in March, up 30 per cent from February and some 56 per cent above last March`s market, which was still in slow recovery from the economic downturn.
"March sales volumes can fluctuate as much as the weather," Deanna Horn, president of the Fraser Valley board, said in a news release. "This year`s reached the mid-point between the highs and lows seen over the last decade."
"However, available listings were near the peak, meaning buyers had lots to choose from and were clearly taking advantage of great buying opportunities."
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Metro Vancouver`s real estate rebound marked by `market irrationality`
VANCOUVER — Metro Vancouver saw the steepest increase in home prices of Canada`s major markets in the first quarter of this year in a sales rebound characterized as an "irrational" response to market conditions.
The average price of a detached bungalow on Vancouver`s east side hit $674,180 in the first quarter of 2010, a 25-per-cent jump from the first quarter of 2009, realtor Royal LePage reported Thursday in its quarterly survey of major-market housing prices.
A standard Vancouver east-side condominium saw an even steeper gain of 29 per cent to hit an average $402,000.
And an average Vancouver west-side bungalow, which dipped as low as $950,000 in the first quarter of 2009, had roared back to an average $1.15 million, a 21-per-cent gain, in the first quarter of this year.
"In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets and overly enthusiastic when the tables turned," Royal LePage CEO Phil Soper said in an interview.
Read the full article here.
VANCOUVER — Metro Vancouver saw the steepest increase in home prices of Canada`s major markets in the first quarter of this year in a sales rebound characterized as an "irrational" response to market conditions.
The average price of a detached bungalow on Vancouver`s east side hit $674,180 in the first quarter of 2010, a 25-per-cent jump from the first quarter of 2009, realtor Royal LePage reported Thursday in its quarterly survey of major-market housing prices.
A standard Vancouver east-side condominium saw an even steeper gain of 29 per cent to hit an average $402,000.
And an average Vancouver west-side bungalow, which dipped as low as $950,000 in the first quarter of 2009, had roared back to an average $1.15 million, a 21-per-cent gain, in the first quarter of this year.
"In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets and overly enthusiastic when the tables turned," Royal LePage CEO Phil Soper said in an interview.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Fraser Varch real estate sales 56% above March 2009
VANCOUVER — The Fraser Valley`s real estate market re-entered buyers territory in March with strong sales, but a surge of new listings bringing the region`s inventory of unsold homes to near peak levels.
Fraser Valley realtors saw 1,565 sales cleared through the Multiple Listing Service in March, up 30 per cent from February and some 56 per cent above last March`s market, which was still in slow recovery from the economic downturn.
"March sales volumes can fluctuate as much as the weather," Deanna Horn, president of the Fraser Valley board, said in a news release. "This year`s reached the mid-point between the highs and lows seen over the last decade."
"However, available listings were near the peak, meaning buyers had lots to choose from and were clearly taking advantage of great buying opportunities."
The Fraser Valley board also saw 3,395 new listings put onto MLS in March, bringing total inventory to 9,828 unsold homes, which is close to available inventory in the same month a year ago.
Read the full article here.
VANCOUVER — The Fraser Valley`s real estate market re-entered buyers territory in March with strong sales, but a surge of new listings bringing the region`s inventory of unsold homes to near peak levels.
Fraser Valley realtors saw 1,565 sales cleared through the Multiple Listing Service in March, up 30 per cent from February and some 56 per cent above last March`s market, which was still in slow recovery from the economic downturn.
"March sales volumes can fluctuate as much as the weather," Deanna Horn, president of the Fraser Valley board, said in a news release. "This year`s reached the mid-point between the highs and lows seen over the last decade."
"However, available listings were near the peak, meaning buyers had lots to choose from and were clearly taking advantage of great buying opportunities."
The Fraser Valley board also saw 3,395 new listings put onto MLS in March, bringing total inventory to 9,828 unsold homes, which is close to available inventory in the same month a year ago.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Brentwood, Lougheed mall sales point to hot B.C. retail property market: report
VANCOUVER — Pending sales of the Brentwood Town Centre and Lougheed Town Centre malls in Burnaby are lead indicators that the retail sector of Metro Vancouver`s commercial property market will remain hot in 2010, according to commercial broker Avison Young Commercial Real Estate.
Brentwood is on the block for $100 million in a sale to Vancouver-based Shape Properties and a large Ontario-based pension fund, Avison Young said in its report.
Lougheed, Avison Young added, is under contract for a $135-million sale to an undisclosed buyer.
Bal Atwal, an investment associate in Avison Young`s Vancouver office, said there is enough positive news about the retail sector`s recovery emerging to draw capital into the market, which in turn encourages owners to sell properties they were previously happy simply to hold.
"Ultimately, it`s really the confidence in the retail market that`s stemming demand for all sorts of retail properties," Atwal said.
Read the full article here.
VANCOUVER — Pending sales of the Brentwood Town Centre and Lougheed Town Centre malls in Burnaby are lead indicators that the retail sector of Metro Vancouver`s commercial property market will remain hot in 2010, according to commercial broker Avison Young Commercial Real Estate.
Brentwood is on the block for $100 million in a sale to Vancouver-based Shape Properties and a large Ontario-based pension fund, Avison Young said in its report.
Lougheed, Avison Young added, is under contract for a $135-million sale to an undisclosed buyer.
Bal Atwal, an investment associate in Avison Young`s Vancouver office, said there is enough positive news about the retail sector`s recovery emerging to draw capital into the market, which in turn encourages owners to sell properties they were previously happy simply to hold.
"Ultimately, it`s really the confidence in the retail market that`s stemming demand for all sorts of retail properties," Atwal said.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Expo Line @ 25
Twenty-five years ago, few people probably would have predicted sleepy Burnaby would someday be home to the second largest mall in the country or that New Westminster, the oldest city in Western Canada and looking it, would eventually see shiny high-rises towering overhead or a futuristic, one-of-a-kind bridge spanning the Fraser.
Much has changed over the past quarter century in the neighbouring cities, and much is due to the construction of the SkyTrain, which radically changed both the urban landscape and how people choose to get around.
It was a different era in British Columbia. Bill "Mini-Wac" Bennett was premier, Bryan Adams was on top of the charts and the Canucks still sported their infamous Flying Vee jerseys when the SkyTrain made its 1985 maiden voyage of a few hundred metres westward towards what is now known as Main Street-Science World station.
Built in advance of the Expo 86 world fair, the rapid transit service first began as a demonstration project to showcase new linear induction propulsion technology to Vancouver and other prospective cities. Movers and shakers of the day agreed it seemed a fine idea and the SkyTrain Line (known as the Expo Line since 2002 to differentiate it from the Millennium and Canada lines built since) was eventually extended nearly 30 kilometres from the Vancouver waterfront to inner Surrey.
If all goes according to plan, the Expo Line will soon stretch six kilometres further into Guildford and possibly even into Langley Centre by 2030.
Communities along the way haven`t been the same since, after condo and office towers began sprouting around the stations, boosting the number of transit users and greatly reducing regional sprawl.
Read the full article here.
Twenty-five years ago, few people probably would have predicted sleepy Burnaby would someday be home to the second largest mall in the country or that New Westminster, the oldest city in Western Canada and looking it, would eventually see shiny high-rises towering overhead or a futuristic, one-of-a-kind bridge spanning the Fraser.
Much has changed over the past quarter century in the neighbouring cities, and much is due to the construction of the SkyTrain, which radically changed both the urban landscape and how people choose to get around.
It was a different era in British Columbia. Bill "Mini-Wac" Bennett was premier, Bryan Adams was on top of the charts and the Canucks still sported their infamous Flying Vee jerseys when the SkyTrain made its 1985 maiden voyage of a few hundred metres westward towards what is now known as Main Street-Science World station.
Built in advance of the Expo 86 world fair, the rapid transit service first began as a demonstration project to showcase new linear induction propulsion technology to Vancouver and other prospective cities. Movers and shakers of the day agreed it seemed a fine idea and the SkyTrain Line (known as the Expo Line since 2002 to differentiate it from the Millennium and Canada lines built since) was eventually extended nearly 30 kilometres from the Vancouver waterfront to inner Surrey.
If all goes according to plan, the Expo Line will soon stretch six kilometres further into Guildford and possibly even into Langley Centre by 2030.
Communities along the way haven`t been the same since, after condo and office towers began sprouting around the stations, boosting the number of transit users and greatly reducing regional sprawl.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Spring thaw in Edmonton house market
Edmonton`s resale housing prices, listings and sales all posted double-digit increases in March compared with a year earlier, according to figures released Tuesday by the Realtors Association of Edmonton.
Buyers trying to beat higher mortgage rates, a seasonal surge and an improving economy heated the market in March, said association president Larry Westergard.
"We`re back from where we were in 2008 into 2009 where the market really corrected based on what happened globally, back to where it should be for what the Alberta and Edmonton economy is demanding for houses," Westergard said.
Single-family homes in the Edmonton area sold on average for $388,473 in March -- up 4.7 per cent from February and 11 per cent over March 2009. The median, or midpoint, sale price for a single-family house was $364,000, up 9.2 per cent from March 2009.
Condominium prices rose to $252,416 in March. That`s up 8.4 per cent month-over-month and 10.5 per cent year-over-year.
Read the full article here.
Edmonton`s resale housing prices, listings and sales all posted double-digit increases in March compared with a year earlier, according to figures released Tuesday by the Realtors Association of Edmonton.
Buyers trying to beat higher mortgage rates, a seasonal surge and an improving economy heated the market in March, said association president Larry Westergard.
"We`re back from where we were in 2008 into 2009 where the market really corrected based on what happened globally, back to where it should be for what the Alberta and Edmonton economy is demanding for houses," Westergard said.
Single-family homes in the Edmonton area sold on average for $388,473 in March -- up 4.7 per cent from February and 11 per cent over March 2009. The median, or midpoint, sale price for a single-family house was $364,000, up 9.2 per cent from March 2009.
Condominium prices rose to $252,416 in March. That`s up 8.4 per cent month-over-month and 10.5 per cent year-over-year.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Evergreen line to be on time, Premier says
The $1.4-billion Evergreen Rapid Transit Line through northeastern communities of the Lower Mainland will be built on time despite a $400-million funding shortfall, Premier Gordon Campbell declared Monday.
The Premier said details on how to cover the costs of the 11-kilometre line linking Vancouver, Burnaby, Coquitlam and Port Moody will be released soon.
Mr. Campbell made his cryptic reassurance during a luncheon speech to members of the Vancouver Board of Trade, who enthusiastically applauded the commitment to the system, which will use SkyTrain-style technology.
"Folks, just so you know, the Evergreen line is getting built. It`s being built in a timely manner," Mr. Campbell said, echoing a pledge by Finance Minister Colin Hansen in last week`s provincial budget speech.
"It`s going to be built in partnership. We`re going to get it done on behalf of all of you," Mr. Campbell said.
TransLink, the regional transit authority, has yet to declare how it can cover its $400-million share of the project, promised since the days of the New Democratic Party government in British Columbia
.
Read the full article here.
The $1.4-billion Evergreen Rapid Transit Line through northeastern communities of the Lower Mainland will be built on time despite a $400-million funding shortfall, Premier Gordon Campbell declared Monday.
The Premier said details on how to cover the costs of the 11-kilometre line linking Vancouver, Burnaby, Coquitlam and Port Moody will be released soon.
Mr. Campbell made his cryptic reassurance during a luncheon speech to members of the Vancouver Board of Trade, who enthusiastically applauded the commitment to the system, which will use SkyTrain-style technology.
"Folks, just so you know, the Evergreen line is getting built. It`s being built in a timely manner," Mr. Campbell said, echoing a pledge by Finance Minister Colin Hansen in last week`s provincial budget speech.
"It`s going to be built in partnership. We`re going to get it done on behalf of all of you," Mr. Campbell said.
TransLink, the regional transit authority, has yet to declare how it can cover its $400-million share of the project, promised since the days of the New Democratic Party government in British Columbia
.Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Real estate sales in B.C. level out
British Columbia`s real estate market eased into better balance over the first quarter of 2010, the B.C. Real Estate Association reported Tuesday.
Multiple Listing Service sales in March, at 7,110 units were 43-per-cent higher than in the same month a year ago when the market was just emerging from the downturn. But they were about 20-per-cent below December`s sales levels when seasonal factors are considered. Over the entire first quarter, B.C. saw 18,284 MLS sales, about 64-per-cent higher than the first quarter of 2009, which marked the start of B.C.`s recovery of sales.
"Since the beginning of the year, we`ve seen home sales moderate," said Cameron Muir, B.C. Real Estate Association chief economist.
"That is largely the result of pent-up demand that has already been expended in the marketplace as well as eroded affordability as higher home prices and, more recently, higher mortgage interest rates are certainly squeezing some low-equity buyers out of the marketplace."
On Tuesday, the Royal Bank of Canada and Bank of Nova Scotia raised their rates on fixed-rate mortgages for the second time in two weeks, this time by one-quarter of a percentage point, pushing key posted five-year rates to 6.1 per cent.
Muir said that in April, Canada Mortgage and Housing`s more stringent qualifying rules for mortgages will take hold, which should reduce the purchasing power of low-equity buyers and slow sales a bit more.
Read the full article here.
British Columbia`s real estate market eased into better balance over the first quarter of 2010, the B.C. Real Estate Association reported Tuesday.
Multiple Listing Service sales in March, at 7,110 units were 43-per-cent higher than in the same month a year ago when the market was just emerging from the downturn. But they were about 20-per-cent below December`s sales levels when seasonal factors are considered. Over the entire first quarter, B.C. saw 18,284 MLS sales, about 64-per-cent higher than the first quarter of 2009, which marked the start of B.C.`s recovery of sales.
"Since the beginning of the year, we`ve seen home sales moderate," said Cameron Muir, B.C. Real Estate Association chief economist.
"That is largely the result of pent-up demand that has already been expended in the marketplace as well as eroded affordability as higher home prices and, more recently, higher mortgage interest rates are certainly squeezing some low-equity buyers out of the marketplace."
On Tuesday, the Royal Bank of Canada and Bank of Nova Scotia raised their rates on fixed-rate mortgages for the second time in two weeks, this time by one-quarter of a percentage point, pushing key posted five-year rates to 6.1 per cent.
Muir said that in April, Canada Mortgage and Housing`s more stringent qualifying rules for mortgages will take hold, which should reduce the purchasing power of low-equity buyers and slow sales a bit more.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
March B.C. real estate sales up over a year ago, but down from December
VANCOUVER - March Real estate sales in British Columbia were 43 per cent higher than the same month last year, when the market was just emerging from the housing downturn, the British Columbia Real Estate Association reported Tuesday.
Sales cleared through the Multiple Listing Service, however, continued to ease off the hot pace they had reached by the end of 2009.
The BCREA recorded 7,110 sales province wide in March, which is higher than the same month a year ago, but association chief economist Cameron Muir said they are six per cent off the pace of sales experienced in December 2009 when seasonal factors are accounted for.
"Home sales have moderated since the beginning of the year," Muir said in a press release.
Read the full article here.
VANCOUVER - March Real estate sales in British Columbia were 43 per cent higher than the same month last year, when the market was just emerging from the housing downturn, the British Columbia Real Estate Association reported Tuesday.
Sales cleared through the Multiple Listing Service, however, continued to ease off the hot pace they had reached by the end of 2009.
The BCREA recorded 7,110 sales province wide in March, which is higher than the same month a year ago, but association chief economist Cameron Muir said they are six per cent off the pace of sales experienced in December 2009 when seasonal factors are accounted for.
"Home sales have moderated since the beginning of the year," Muir said in a press release.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Condo buyers upset over secret discounts
A group of B.C. condo owners say they were unfairly pressured by a national developer into paying much more than their condos are worth, while the developer secretly gave their neighbours big discounts.
"This is the first developer I know who has done this — and I`m disgusted by it," said Jagdish Lal, who paid full price for his two-bedroom condo last year.
"Other buyers who held out were rewarded — behind closed doors."
Lal and several other buyers had agreed to pay developer Amacon a premium for the condos in 2007, when the B.C. market was hot. The condos had not yet been built.
The 240-unit Surrey complex, called The Morgan, dropped significantly in market value before the units were completed early in 2009. Several owners then found their banks were no longer willing to grant mortgages for the initial price.Read the full article here.
A group of B.C. condo owners say they were unfairly pressured by a national developer into paying much more than their condos are worth, while the developer secretly gave their neighbours big discounts.
"This is the first developer I know who has done this — and I`m disgusted by it," said Jagdish Lal, who paid full price for his two-bedroom condo last year.
"Other buyers who held out were rewarded — behind closed doors."
Lal and several other buyers had agreed to pay developer Amacon a premium for the condos in 2007, when the B.C. market was hot. The condos had not yet been built.
The 240-unit Surrey complex, called The Morgan, dropped significantly in market value before the units were completed early in 2009. Several owners then found their banks were no longer willing to grant mortgages for the initial price.Read the full article here.