Archive for March, 2021

1.05-acre industrial land at West Abbotsford sold for $2,988,800

Friday, March 19th, 2021

Abbotsford industrial listings drew 99 calls in first day

Frank O’Brien
Western Investor

— Abbotsford realtor Bob Edwards: “It was nuts.”| Submitted

Veteran Fraser Valley commercial real estate agent Bob Edwards got a lesson in the industrial real estate demand February 26 when he listed a 1.05-acre parcel that has the potential to be zoned industrial in West Abbotsford.

In less than 24 hours after advertising the listing, Edwards received 99 calls from potential buyers, along with at least 50 text messages and 50 emails.

The four top bidders all presented no subject offers and the parcel sold for the full asking price of $2,988,800, according to Edwards, 66, agent/owner at Exp Realty, Abbotsford.

“I was offered over $3 million, but that buyer had a number of subjects,” he said.

The property now contains a private house and a storage shed on land zoned A1 (rural agriculture) but has been approved for industrial use under Abbotsford’s official community plan. The property would require re-zoning to industrial.

The winning bidder for the property spotted Edwards, who is well known in the community, on the site the first day of the listing and pulled his jeep into the gravelled yard to talk. Another potential buyer was already on the site.

“It was nuts,” Edwards said, “It was sold before the sign even went up.”

The property transacted for well above the BC Assessment value of $1.67 million.

Abbotsford is seeing record demand for industrial real estate because industrial land is becoming scarce right across the Lower Mainland.

The Metro Vancouver Regional Industrial Lands Strategy Report, released June 2020, found the region, as of 2015, had only 28,000 acres of industrial land, but that 80 per cent of that had already been developed.

Abbotsford, once seen as a lower-cost safety valve for surging industrial demand, is now posting prices rivalling major Metro markets.

Only 1.1 per cent of Abbotsford’s 8.8 million square feet of industrial space is vacant, according to a third-quarter 2020 survey from Colliers International.

There is 460,000 square feet of new industrial buildings are currently under construction in Abbotsford, representing nearly 14 per cent of all industrial development in the Lower Mainland. 

“The Abbotsford industrial market has exploded,” confirmed a November 2020 report from Valley-based Frontline Real Estate Services Ltd., characterized by industrial property sales more than tripling over the past five years.

In 2019, a record 34 transactions totalling $82 million were seen in West Abbotsford’s industrial district, up from 22 sales worth $50 million a year earlier.

“2020 continued to see insatiable demand and new price records across all property types, despite the outbreak of a global pandemic and looming economic uncertainty,” said Frontline agent Braydon Hobbs, who prepared the industrial report with co-agent Todd Bohn.

Even decades old freestanding buildings are achieving record prices, available development land is difficult to find and strata sellers are nearly nonexistent, meaning buyers must wait for new developments to come to market to secure industrial space, Bohn said.

Edwards said he was just happy to be instrumental in putting together a deal that made both the seller – who had bought the land decades ago for a family residence – and the buyer happy.

 

© Copyright 2020 Western Investor

Vancouver hit the highest monthly listing record as of March 15 by REBGV

Friday, March 19th, 2021

Listings avalanche hits March Metro housing market

Wl Staff
Western Investor

 — Greater Vancouver listings and sales on record pace. | Western Investor

Early March data shows that homeowners have rushed off the sidelines, pushing a record number of homes for sale onto the Real Estate Board of Greater Vancouver’s (REBGV) Multiple Listing Service.

As of March 15, the number of new listings were on pace to shatter the highest monthly total of new listings ever seen in Greater Vancouver, according to preliminary REBGV date released by Dexter Associates Realty.

As of mid-month, 4,367 new listings had hit the market, according to Dexter partner and managing broker Kevin Skipworth.

“This pace could take us above 8,000 in a month for the first time ever,” Skipworth said.

The higher listings come at an opportune time, he noted, because sales as of mid-March are also on pace for the highest monthly level on record. In the first two weeks of March, 2,663 homes sold and, in at least four Greater Vancouver markets, sales have already eclipsed the entire month of February, which had posted the second-highest sales in history.

Calling the current market “head-spinning” Bryan Yu,  chief economist at Central 1 Credit Union in Vancouver, noted that, through the first two months of 2021, total Metro Vancouver home sales, which includes most of the Fraser Valley, rose 78  per cent from 2020 and exceeded 2016 – the former record year – by 1.8 per cent.

It now appears that March will rewrite history again.

North Vancouver detached home sales as of March 15 are nearly at the level for the whole month of February, Burnaby townhouse sales have already eclipsed the sales in February (which were the highest sales in more than three years) and, in the South Delta communities of Ladner and Tsawwassen, condominium apartment sales are higher than in all of February, the latest data shows.

In the City of Vancouver, 698 homes had sold as of March 15, compared to 477 at the same time in February, while new listings increased 63 per cent from February 15 to 1, 263 units.

Skipworth said the higher listings may help cool “ the fever in multiple offers that was reaching an exhausting pitch for buyers.”

It was not uncommon for prime Vancouver or Burnaby properties to receive 20 offers in February, he noted.

“Buyers remain motivated by the low-mortgage-rate environment, while the pandemic has contributed to higher savings and a desire for more space as many people work remotely,” Yu said. “ Higher demand for suburban areas, away from the high-priced core Vancouver market, is evident with a doubling of Fraser Valley market sales.”

During the first two months of this year,  average detached house prices in Greater Vancouver are up 15 per cent from 2020 to a record high of $1.06 million, Yu added.

Both Skipworth and Yu forecast that sales of strata homes – townhouses and condos – will lead the sales curve into the spring.

“Strong price growth in detached prices may be pricing more families into multi-family units, while vaccine optimism is likely driving investors back into the [condominium] market,” Yu said.

“It is surprising to see the levels of activity we are experiencing, especially in the condo apartment market,” Skipworth added.

According to REBGV data, February townhouses sales were up 82 per cent, year-over-year, and condo apartment sales were 65 per cent higher.

“Together, strata property sales accounted for nearly 65 per cent of all February transactions, with condo apartments leading all sectors with a blistering pace of 62 sales every day,” Skipworth said, adding that March sales are tracking even higher.

Yu, however, is expecting the sales trend to slow later this year. 

“Mortgage rates have likely bottomed, and high prices are eroding affordability. Meanwhile, the shift to a post-vaccine world will usher in a return to a more normal working environment, limiting opportunities to search for housing and reducing a push towards suburban markets. Spending power will likely diminish as households redeploy spending into services and tourism,” Yu commented in a March 19 column in Business in Vancouver.

 

© Copyright 2020 Western Investor

16.3 – acre development site sold for $1.88 million located at White Avenue,Mission B.C

Thursday, March 18th, 2021

Mission 16.3-acre development site sells for $1.88 millio

Homelife Glenayre Realty
Western Investor

— Homelife Glenayre Realty, Abbotsford, B.C. for Western Investor

Property type:Development land

Location: 34414 White Avenue, Mission, B.C.

Land size: 710, 028 square feet

Land size in acres: 16.3 acres

Zoning: RU36 (Rural zone)

List price: $1.95 million

Sale price:$1.88 million

Brokerage: Homelife Glenayre Realty (seller’s agent) and Royal LePage Wheeler Cheam Realty (buyer’s agent) Abbotsford, B.C.

Brokers:Marty Nault of Homelife Glenayre Realty ; Jag Cheema of Royal LePage Wheeler Cheam Realty

 

© Copyright 2020 Western Investor

Vancouver housing market – records keep increasing for the new listings in March 2020

Thursday, March 18th, 2021

Vancouver on track to shatter home sales and new listings records in March

Sean MacKay
Livabl

During the same week one year ago, Vancouver’s resale housing market began to freeze as restrictions were rapidly rolled out to battle the first wave of the COVID-19 pandemic.

After recording strong annual gains in the first half of March 2020, the market experienced a 33 percent annual drop in sales during the month’s second half as buyers stayed home.

One year and a remarkable housing recovery later, the situation on the ground today couldn’t be more different.

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According to mid-month resale figures shared this week by Dexter Realty’s Kevin Skipworth, 2,663 homes have already changed hands in the Vancouver region during the first half of March. That mid-month total is higher than all the transactions recorded during the entire month of March 2020.

Unlike this time last year, restrictions have loosened up and realtors are more comfortable working in a virtual-first environment. At the same time, buyers and, increasingly, sellers are confident entering what has become a historically hot market.

Skipworth wrote in a monthly update email that the current pace of transactions puts the market on track to hit 5,400 home sales by the end of the month. If achieved, this sales total would be higher than the total hit in March 2016, the current record-holder for the month.

Adding to the optimism, Skipworth wrote that new listings are also on track to break a single-month record.

“The number of new listings so far in March are on pace to shatter the highest monthly total of new listings we’ve seen in Greater Vancouver. With 4,267 new listings at mid-month, this pace could take us above 8,000 in a month for the first time ever,” Skipworth wrote in the email.

Buyer demand has consistently and significantly outpaced supply since the recovery began last summer. With sales yet again likely to break a record in March, Skipworth believes the influx of listings couldn’t have come at a better time as buyers were becoming exhausted by the fiercely competitive market.

“It would seem the trend to list and sell on the heels of high buyer demand is catching on,” he wrote, while still acknowledging that the total number of homes listed on the market hasn’t risen as substantially since February.

 

© 2020 BuzzBuzzHome Corp.

$3.6 million provincial funding to enhance regional airpot infrastructure-B.C’s

Thursday, March 18th, 2021

Northern B.C. airports share $3.6 million in government funds

Tom Summer and Glacier Media
Western Investor

 — Northern Rockies Airport, Fort Nelson, B.C. | Northern Rockies Airport

Nine regional airports across northern B.C. are slated to receive $3.6 million in provincial funding.

The funding is part of B.C.’s COVID-19 economic recovery plan and B.C. Air Access Program grants. Transportation Minister Rob Fleming says the pandemic has caused hardship and financial stress for the aviation sector and community airports throughout BC.

“But we’re also looking to better days ahead, post-pandemic. That’s why we’re taking action to support communities with important infrastructure upgrades so we can boost jobs, tourism and trade that will give us a head start with B.C.’s economic recovery,” said Fleming.

The funds will enhance local airport infrastructure such as upgraded taxi lanes, new airside paving, and green building projects. The nine airport projects being funded are as follows:

• Atlin Airport – $445,460 to update and retrofit airfield lighting and modernize fuel system

• Kitimat Air Park – $822,913 for runway and taxiway improvements;

• Mackenzie Airport – $127,500 for well construction for airport fire suppression system;

• McBride Airport – $401,687 for access road culvert replacement;

• Northern Rockies Airport, Fort Nelson – $163,726 for electric-metered fuel system upgrade for avgas and jet fuel;

• Prince George Airport (Project 1) – $299,250 for replacement of old back-up generator;

• Prince George Airport (Project 2) – $196,500 for runway hold signs;

• Tumbler Ridge Airport – $326,250 for replacement of airport lighting;

• Vanderhoof Airport – $490,083 for apron and taxiways rehabilitation.

The air access program is entering its seventh year, with $32.5 million committed to 51 airports since 2017. More than 300 public airports, heliports and water aerodromes exist in BC; grant applicants are assessed based on need, safety, environmental improvements and essential access.

 

© Copyright 2020 Western Investor 

Zone RT-2 Two Family Residential unit sold for $11.5 million located 4940 & 4958 Main Street, Vancouver

Thursday, March 18th, 2021

Main Street 0.42 acres with holding property sells for $11.5 million

Goodman Commercial Inc.
Western Investor

— Goodman Commercial Inc., Vancouver, for Western Investor

Property type: Development land

Location: 4906, 4924, 4936, 4940 & 4958 Main Street, Vancouver

Size of property: 52,576 square feet

Number of units: 65 (residential); 4 commercial

Land size: 18,847 square feet

Land size in acres: 0.42 acres

Zoning: RT-2 (Two-family residential)

Potential: Floor-space-ratio (FSR) 3.3

Sale price: $11.5 million

Brokerage: Goodman Commercial Inc., Vancouver

Brokers: Mark Goodman and Cynthia Jagger

 

© Copyright 2020 Western Investor 

City Hall rejected a proposed 11-storey condo building across from a subway station for being too tall

Thursday, March 18th, 2021

Dan Fumano: At key Kits corner, condos rejected and social housing pitched

Dan Fumano
The Province

Serena Eagland in front of lot at West 8th and Arbutus in Vancouver. Photo by Arlen Redekop /PNG

Social housing, market condo development, the terminus of multi-billion dollar rapid transit line: There’s a lot of city-building conversations right now centred on the intersection of West Broadway and Arbutus.

City hall recently rejected an 11-storey condo building proposed for one corner of the intersection, a case many knowledgeable observers described as highly unusual. Meanwhile, just across Arbutus, the city is looking to partner with the province on a 12-storey supportive housing building.

Between those two sites, on the intersection’s northeast corner, work recently began on the planned end of the line for the $2.8 billion Broadway subway.

The condo building proposed for the northwest corner, currently home to a gas station, was refused last month by Vancouver’s development permit board after board members cited concerns about the project’s height.

Such rejections are rare. This was only the second application in almost 15 years, out of more than 100, to reach that stage in the process with city staff’s recommendation, and then get turned down at the last minute.

Not every potential real estate project gets to that stage: Generally by the time a project comes to the development permit board, the proponent has been working with city staff for years to refine the project, so that when staff tell the board it complies with zoning rules and recommend approval, the board usually approves.

In fact, the board’s only other project refusal in the last decade-plus led to litigation. After the board refused a controversial 2017 proposal for 105 Keefer St. in Chinatown, the developer Beedie sued the city, a case that, coincidentally, was in court this week.

But the recently rejected proposal from Bastion Development for Broadway and Arbutus is quite different from Beedie’s 2017 Chinatown project. The Beedie project was hugely controversial, the subject of fierce protests and council debates.

Bastion’s Broadway project, however, was not controversial.

It was not even widely known, as development board meetings do not tend to be high-profile events. City Duo, a Vancouver blog that keeps a close eye on urban growth, first reported the board’s rejection, calling it “stunning news.”

Among those aware of the project, it actually appears to have been popular: Out of 119 comments the city received through community engagement, 87 were in favour of the project, 18 were opposed, and 14 had mixed views, an unusually high level of support for such a project.

The development board’s three senior city staffers all voted against the Bastion project. One of them was Theresa O’Donnell, who was the city’s deputy director of planning at the time, but was earlier week appointed acting chief planner after Gil Kelley’s departure was announced.

When O’Donnell cast her vote against Bastion’s proposal at last month’s board meeting, she noted concerns about the project’s height, as did one of her colleagues.

In early March, she explained she and her colleagues on the board were “constrained by the existing regulations in place today, which prevented us from getting to where this applicant wanted to be.”

When asked if she believed that meant her staff had made a mistake by recommending approval, she said she did not believe staff had erred.

The proposed building’s height exceeded the guidelines for the area — but the zoning allows for taller buildings to be approved there, subject to the city’s discretion.

Asked about the rejection, O’Donnell acknowledged: “It is subjective. Had they (the proponents) come in with a superior application, we might have been able to get there.”

Arbutus is planned to be the line’s westernmost end, unless it extends to UBC, as city council, the university, and the local First Nations’ development corporation want.

O’Donnell understands, she said, confusion from some observers that this kind of density wouldn’t be supported across the street from a transit station.

“We do want to see development at the station that’s commensurate with being at this significant public investment, we’ve committed to TransLink that we are going to densify around these stations, we want to be able to do that,” she said.

“We acknowledge those existing regulations are out of date, and that’s why the Broadway Plan is in progress,” O’Donnell said, adding that if the application had come in after the Broadway Plan was in place, expected to be later this year, it might have seen a different result.

“We anticipate the Broadway Plan will allow additional considerations, so it’s really more of a timing thing. Timing is everything.”

Charles Montgomery, the urbanist and author of Happy City, wrote on Twitter that the Bastion decision — an 11-storey residential development across from a subway station rejected for being too tall — represented “so much of what is wrong with Vancouver.”

But “the bigger issue,” Montgomery said when reached by phone, was what that rejection could mean for the 12 storeys of social housing proposed across the street.

 

Charles Montgomery, editor of book, Happy Cities in Vancouver Photo by Nick Procaylo /PNG

The public comment period for that supportive housing project, which would provide 140 homes for local adults, seniors and people with disabilities at risk of homelessness, runs until the end of March.

O’Donnell said the Bastion project’s rejection means “nothing either way” for the supportive housing’s prospects.

The strata president of the townhouse complex across the alley from the Bastion site, Diana McMeekin, a retired real estate development consultant, supported Bastion’s condo proposal and was very surprised it “was rejected.”

But she opposes the B.C. Housing building. McMeekin says she and her neighbours have concerns about the supportive housing building’s design — which she called “colossally out of scale” — as well as its location across the street from an elementary school and a playground.

Not every neighbour agrees.

Serena Eagland, a 30-year-old nurse, is part of a group of Kits residents banding together to support the supportive housing project. Eagland’s group, which includes homeowners, renters, landlords, co-op residents, young families and seniors — “every demographic you can think of,” she says — feels so lucky to enjoy such a great neighbourhood that they feel an obligation to speak up for the less fortunate. She thinks the city needs more market housing so she has no objections to Bastion’s 11-storey condo proposal, but she cares a lot more about seeing the supportive housing built.

“As people who typically have good access to employment, health care, and housing, we just strongly feel everybody deserves the same sort of access,” Eagland said. “As a community member of Kits, it’s kind of my responsibility to support that happening.”

The Arbutus subway station will be located at Broadway and Arbutus. PNG

As another sure sign of the big changes coming to Broadway and Arbutus, the days are numbered for the intersection’s most prominent landmark: the massive retro Fletchers Fabricare sign that’s been rotating above the southeast corner for half a century.

After TransLink bought the property from Fletchers in 2018, the dry cleaner has remained as a client, but they know their lease will end eventually, said managing partner Cameron Bastien. They’ve already opened a second Fletchers a few blocks further west on Broadway.

“It’s going to be a tear-jerker” the day the original Fletchers closes and that sign stops spinning, said Bastien. “But we need to embrace change.”

 

© 2021 The Province

More tips for this generation regarding Mortgage Lending during this pandemic

Wednesday, March 17th, 2021

A New Era in Mortgage Lending – Winning the Bidding Wars in a Red-Hot

Michelle Hopkins
REW

A booming housing market:

The housing market has been on fire during the pandemic, with record-low mortgage rates and a sudden wave of relocations made possible by remote work. With home prices pushing new boundaries as buyer demand continues to surge, that translates into a red-hot market where buyers need to act fast – especially when it comes to securing a mortgage.  

Technology changing our real estate buying habits: 

Technology has vastly changed our world. Where shopping for a new home once meant heading to one Open House after another, has now gone virtual. At the click of our mouse, we can take virtual tours of the style of home we are looking for, in our preferred neighbourhood, in our price range. 

As more people do business from the comfort of their couch, they are also looking for the convenience and speed to shop around for the best mortgage rate. Traditionally, consumers shop around with multiple lenders or they ask their lender to match a lower rate offer. Both of these methods can be time consuming.

A new way to shop for a mortgage rate:

Now, there is an alternative. WiiBid is a digital auction platform that enables you to obtain the best mortgage rate possible from a roster of reputable lenders.

With an emphasis on consumer-friendly, innovative technology, WiiBid puts the mortgage seekers in the driver’s seat and gives them the autonomy to control the entire process by using auction to create competition amongst lenders, then selecting, and accepting the best offer suitable to their needs. 

According to WiiBid CEO and licensed Mortgage Broker, Mr. Amin Eskooch, “WiiBid brings borrowers and lenders together”. Allowing prospective mortgage seekers to compare bids from qualified lenders, manage documents, and maintain data security online  and take control of their own mortgages—The platform  provides convenience, savings, and speed from the comfort of your home. 

“Users would simply fill out an application online, which typically takes under 10 minutes, then the application is exposed to multiple lenders,” says Mr. Eskooch. “Lenders can then compete for your mortgage business, which translates into 75 per cent faster process and better interest rates, all under a very secure portal.” 

In chatting with Mr. Bains, a recent WiiBid customer, he explained that he enjoyed using the platform and felt empowered as the lenders bid for his mortgage. “I got three offers at the auction in no time, without even having to talk to anyone.” Mr. Bains also commented on the transparency, security, and simplicity of the process: “I received real time status updates and support along the way, saving substantially, by shaving 1.25 per cent off my mortgage.”

Playing by new, stricter rules 

Another reason WiiBid is attracting attention are the tighter mortgage rules put in place in 2020, which many people now find themselves outside the strict guidelines set out by the banks.  Canada Mortgage and Housing Corporation (CMHC) changed its new debt-ratio formula that applies to insured mortgages for those with less than 20 per cent down payment, resulting in a reduction in homebuying power for some consumers. For example, those who are self employed need to find alternative lenders, such as Alpine Credit, Lanyard, Carevest, and more.  

In summary, innovative new technology platforms like WiiBid enable consumers to take control of their own mortgages, control their own data, and ultimately secure their own mortgages.

 

© 2021 REW.

Canadian home price continue to increase 0.5 percent in February

Wednesday, March 17th, 2021

Canadian home price growth accelerates again after 3 months of slowing: Teranet

Sean MacKay
Livabl

A closely watched Canadian home price index has taken off again following three consecutive months of slower price appreciation.

The latest reading of the Teranet-National Bank Home Price Index showed national home prices rose 0.5 percent in February from the month before, with four local markets — Halifax, Hamilton, Vancouver and Quebec City — posting particularly strong monthly gains.

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While home prices continued to increase between November and January, their rate of growth was declining on a monthly basis. February’s index reading, published today, is higher than January’s 0.3 percent monthly gain, so this indicates that home price appreciation is accelerating again.

Other local markets that saw monthly gains in February were Montreal, Victoria, Calgary and Toronto, with each market recording a modest increase between 0.4 percent and 0.5 percent. Meanwhile, Winnipeg’s local index was flat, while Edmonton and Ottawa-Gatineau posted relatively small monthly declines.

It was a different story when looking at annual index price growth. All 11 local markets that make up the composite index recorded annual increases, with Ottawa-Gatineau, Halifax, Hamilton, Montreal and Toronto all recording double-digit gains between 10 percent and 19 percent.

You may be thinking, ‘All I’ve been reading for months is how home prices have been soaring. What was this slowdown they’re talking about?’ Teranet and National Bank use a different methodology than the Canadian Real Estate Association (CREA) and local real estate boards when compiling their home price index. Because of this, the index is known to lag sales and price activity that’s picked up quicker in the monthly reports published by the realtor boards.

Its repeat sales methodology works by tracking the price change between the two most recent sales of the same property. The index uses prices entered into public land registries in the Canadian markets it tracks. These often are slower to respond to market changes because sale price data is not added to land registries as quickly as it’s entered into the MLS systems used by realtor boards.

In commentary that accompanied the data, National Bank Economist Daren King noted that February’s index rise “is consistent with the increase in the number of home sales over the last several months” reported by CREA.

King said that the number of sales pairs used to compile the 11 local indexes was higher than a year ago for the sixth month in a row. Considering the Canadian housing market has been hotter than ever in early 2021, it’s likely that this will be captured by Teranet and National Bank in the months ahead with the index trending higher.

 

© 2020 BuzzBuzzHome Corp.

Canadian home price continue to increase 0.5 percent in February

Wednesday, March 17th, 2021

Canadian home price growth accelerates again after 3 months of slowing: Teranet

Sean MacKay
Livabl