Archive for March, 2014

Home buyers squeezed out of market must save more – or settle for less

Wednesday, March 19th, 2014

DAVID ISRAELSON
Other

When the Occupy movement hit the headlines in 2011, we heard about the 99 per cent, but when it comes to getting a mortgage there’s another group in Canada – the 9 per cent.

These are the nearly one in 10 prospective home buyers who as recently as two years ago qualified for mortgages but no longer do so. Rule changes have made it tougher for them to scrape together down payments, to get mortgage insurance and to arrange affordable payment terms.

What’s a buyer in the marginal category to do? It’s estimated that the typical 9 per center needs up to three and a half years longer to buy a home than before the rules were tightened, and the finish line keeps moving in popular centres where home prices are rising, such as Toronto or Vancouver.

“My question for young people [seeking a mortgage] is: If someone loses their job in your household, how are you going to get out of this? You find that all of a sudden you’re in a hamster cage,” says Kristina Berg, a mortgage consultant with Dreyer Group Mortgages in Surrey, B.C.

The federal government has tightened mortgage lending rules at least four times since 2008, to discourage buyers from taking on excessive debt that could lead to defaults, foreclosures and bankruptcies, as happened in the United States and other countries.

The tighter rules include regulators putting an end, in 2012, to zero-money-down mortgages, as well as shortening the maximum amortization period for a mortgage to 25 years, down from 30, making payments higher.

Purchasers can still put as little as 5 per cent down. But those who put down less than 20 per cent are required to buy insurance from Canada Mortgage and Housing Corp., which has just raised premiums. Also, the rules for obtaining home equity lines of credit and purchasing rental properties are tighter.

Despite the squeeze, wannabe purchasers have a few, limited options.

“The short answer is to look to the bank of mom and dad,” says Bill Johnston, manager and legal counsel with Bosley Real Estate Ltd. and director of the Canadian Real Estate Association. Indeed, with house prices nearing the stratosphere in major centres, young Canadians are turning more to parents and relatives to help put together a down payment.

The difficulty, of course, is that not everyone has relatives who can shell out money. For those who don’t, another option is to lower your expectations, says Trish Bongard Godfrey, a Toronto real estate agent.

“If people can’t afford houses they can look at condos. People are also buying farther from downtown,” she says. In Toronto, “I know everyone wants to live downtown, but they’re now looking in places like Hamilton and Markham. That’s why we need better rapid transit – we absolutely need to fix that.”

The 9 per centers who are first-time buyers can also borrow from their own registered retirement savings plan, says Ms. Berg. They can borrow up to $25,000 from their RRSPs – there is no tax penalty if they pay this back within 15 years from the time of their home purchase.

“If you only have 5 per cent to put down you can get an RRSP loan for the next 5 per cent and then borrow from your own RRSP,” Ms. Berg says. First, however, you should make sure that your financial institution doesn’t have a rule requiring you to keep the money in your RRSP for a minimum length of time, she warns.

Another option is to be creative about where you want to live, and how, Ms. Berg adds. Some young people are looking at co-ownership with other couples, for example – buying a house with separate living quarters and sharing the mortgage payments.

Others are looking at homes that include rental units. These do cost more, though, and as a landlord, you’re responsible for upkeep in your tenants’ quarters, too.

The wisest thing to do, says Ms. Berg, is to try to live within your means. The new rules are “a reality check,” she says.

“Pay off some debt. Don’t buy a car; lease or get a used one. Save a little more.”

© Copyright 2014 The Globe and Mail Inc.

Tempo 7720 Alderbridge Way 237 units by Amacon

Wednesday, March 19th, 2014

Condo Living Taken Up a Notch

Elizabeth Wilson
Other

The condo lifestyle is not just about stainless steel appliances and coffee shops nearby. Condo living is being embraced by young professionals, new families and empty nesters because of its convenience and sense of community.

In Richmond, an exclusive new condo development is delivering that and much more. Welcome to Amacom’s Tempo, a new midrise concrete and glass collection of homes in the heart of the city.

Built to the high standards Amacon is renowned for, Tempo is a selection of 223 stunning residence condominiums of one and one-bedroom plus den, two- and two bedroom plus den and three-bedroom homes in contemporary open-concept design. They range from 554 to 1,203 square feet.

Everything inside these West coast contemporary homes is comfortable and well thought out. They’re built for the way people live today. Tempo residences boast wide-plank laminate flooring, custom medicine cabinets with integrated lighting and rainfall showerheads.

The kitchens are a chef’s dream, with a KitchenAid stainless steel appliance package that includes a five-burner gas cook top, French door refrigerator, polished stone countertops and full height backsplash.

Amacon is excited to be back in Richmond,” says Melissa Howey, development and marketing manager for Amacon Construction. “Amacon is driven by a passion for detail and a tradition of excellence in design and architecture. The people who buy our homes matter to us.”

For nearly fi ve decades, Amacon has built a stellar reputation for its excellence in customer service and quality homes, both in BC and across the country. Amacon’s dedication to service doesn’t stop at your purchase. Its after-sales service will give every Tempo home owner the peace of mind needed to live comfortably for years to come.

Outside, Tempo has been designed around a beautiful central courtyard. This elevated courtyard boasts walking paths, water features, garden plots for residents, an outdoor sports court for badminton, children’s play area and plenty of spots for a quiet moment surrounded by lush landscaping.

The piece de resistance is the 7,000 square foot private amenity building complete with an indoor pool, hot tub, dance studio, fitness room, television lounge, sundeck and more. “We want the amenities to feel like an extension of the home,” says Howey.

Tempo is all about quality time, whether it’s that quiet solitude in your living room catching up on a good read, family dinners in the spacious kitchens, or relaxing in the indoor hot tub. In addition, everything an urbanite wants is within minutes. Tempo is a quick walk to the Lansdowne Skytrain Station, great shopping, great cuisine and Lansdowne Centre. The Richmond Oval, Minoru Park and the riverside trails are at your doorstep.

In true Amacon style, Tempo delivers distinctly modern residences that buyers will be proud to call home. When you look at the entry price level and the quality finishing that have been put into the homes, this is excellent value.

For more information about Tempo, visit www.Amacon.com or call 604 276-8885. The Tempo Presentation Centre is located at 7720 Alderbridge Way, Richmond and is open noon to 5 p.m. daily (closed Fridays).

© 2014 Real Estate Weekly

Cornerstone North 5655 210A Street Langley 108 units in a 4 storey building by Marcon

Wednesday, March 19th, 2014

Redefining Sophisticated Living in Langley

Other

Langley is one of the most sought-after communities in the Lower Mainland because of its blend of urban sophistication and pastoral landscape.

The heart of Langley is where one of the most respected builders in the province, Marcon, showcases its two-building project Cornerstone. Like its predecessor, Cornerstone North is built on a grassy landscaped fully fenced and gated podium, which means all of the homes are up off the street level, so the ground-floor homes are secure and private, and have private yards.

Built to the same high standards of the first building, Cornerstone North is a selection of 124 sophisticated residences of one-, two- and two-bedroom-plus-den homes which will feature several upgrades that come standard: nine-foot ceilings, floating electric fireplaces, more natural light from the larger windows, soft-close cabinetry, 36-inch upper kitchen cabinets and side-by-side refrigerators with water and ice dispensers.

It’s no wonder more than 60 per cent of the homes are already sold.

“The area here at Cornerstone is unique and well established because there’s no construction around it… there’s a rural feel, yet all of the urban amenities are within walking distance,” says Sales Manager Brittany Reimer. “Our residents are telling us there’s a real sense of community, of neighbourhood.”

Cornerstone North is attracting everyone from first time home buyers to downsizers and re-starters seeking beauty and superior finishes. People who have already bought into Langley’s Cornerstone are pleasantly surprised at the sophisticated Vancouver urban look and feel of the condominium residences.

“A bonus is that every home gets a corner window so each home feels like a corner suite,” says Reimer.

Well respected and trusted, Marcon’s trademark attention to detail is unmistakable; one need only take in the cabinetry, oversized patios or fenced yards, parking and storage locker, superior soundproofing and rainscreen technology, to know that this is a unique offering.

Not only have the Marcon team built a stellar reputation for constructing over 8,500 superior homes – 2,500 of which are in the Langley area – but more important, they are recognized for standing behind what they deliver with their superior post-purchase Customer Care program.

If the high-end finishes, location and great price aren’t enough, Marcon has launched the Huge Savings for a Limited Time Only program and prices are as follows: one bedroom and den from $184,900 (a savings of $15,000); two bedroom from $226,900 (a savings of $24,000); two bedroom plus den from $279,900 (a savings of $50,000);and a two bedroom plus study from $264,900 (a savings of $63,000). Cornerstone North is truly defined by timeless elegance and homes designed for living.

Beautifully appointed new homes at such value are rare today. This is an opportunity you definitely don’t want to miss. This is the final phase of Cornerstone – once these are gone, that’s it!

For more information about Cornerstone North, visit www.cornerstoneliving.ca or call 604 534-6000or [email protected]. The Cornerstone Presentation Centre is located at 56th and 210A Street, Langley, and is open noon to 5 p.m. daily(closed Fridays).

© 2014 Real Estate Weekly

Contentious 30-year Downtown Eastside plan passes

Tuesday, March 18th, 2014

Bob Mackin
Van. Courier

Scott thought the proposed conversion of East Hastings from Heatley Avenue to Clark Drive to a residential/commercial corridor was “thoughtful.” However, he said the Board of Trade is worried about the number of older, earthquake-vulnerable buildings, the plans to build residences near rail yards that handle hazardous goods, and the dwindling supply of industrial lands.
Scott said the plan relies too heavily on towers to achieve density, which, he said, “will quickly impact property assessments resulting in higher property taxes [and] higher taxes will negatively impact the residents of the many not-for-profits and small businesses that employ the residents.”
Vision Vancouver Coun. Andrea Reimer successfully proposed a package of amendments at the end of the hearing, including support for the concept of an aboriginal health and wellness centre and expansion of the definition of social housing, based on B.C. Housing income limits criteria. NPA Coun. George Affleck called the eleventh hour amendments “frustrating,” but eventually joined fellow NPA Coun. Elizabeth Ball in voting for the plan with Mayor Gregor Robertson, Reimer and the other four Vision Vancouver councillors who were present (Kerry Jang and Tim Stevenson were absent).
Green Coun. Adriane Carr cast the lone dissenting vote on seven of the 14 staff recommendations. “We will not reach a goal that is adequate enough to supply enough social housing to meet the needs of the people who live in the Downtown Eastside,” Carr said.
Reimer, the plan’s main booster, fought back tears as she told council how she had been accused by developers of being a “hostage” of the low-income community and vice versa.
“It’s my turn to tell you what I am a hostage of,” Reimer said, “and that’s a very strong, very deep overriding belief that people have an absolute right to plan a community plan for their own safe, healthy, affordable future regardless of their life circumstances, regardless of their income, regardless of where they live in the city.”

© Vancouver Courier

B.C. to See Biggest Jump in Housing Resales in 2014: CREA

Monday, March 17th, 2014

Emma Crawford Hampel

Other

British Columbia is forecast to have the biggest jump in housing resale activity in 2014 in Canada, according to the Canadian Real Estate Association (CREA).

CREA expects B.C. to see an increase in resale activity of 8.3% year-over-year—well above the anticipated national growth of 1.3%. While this means the province will be the biggest contributor to the expected growth across the country, the association said this is due to having had particularly slow sales in 2013, mostly in the early part of the year.

The opposite holds true for Canada as a whole, with 2014 starting out with low levels of growth compared with previous years. This is due to the particularly strong activity in the summer and fall of 2013.

“I expect fixed mortgage rates will edge marginally higher in the second half of 2014 as evidence confirms an anticipated pick-up in economic growth,” said CREA chief economist Gregory Klump.

“Marginally higher mortgage rates are likely to counterbalance the lift provided by stronger economic and continuing job growth, and restrain the momentum for sales activity.”

National sales are expected to climb to 463,700 units this year, and a further 1.2% in 2015 to 469,400 units.

The national average home price across the country is expected to rise by 3.8% in 2014, with similar gains in B.C.

© 2014 Real Estate Weekly

It’s Possible For Millennials To Afford Vancouver Real Estate

Monday, March 17th, 2014

Cam Good
Other

What’s the most frequent challenge cited by Vancouver millennials about real estate? They can’t afford it. It’s a well-known fact that real estate prices don’t match our incomes out here on the West Coast. But if you eliminate the single-family home pipe dream and consider the growing popularity and relevance of condo living, it’s not such a long shot to find a home the millennial can afford.

Key Marketing recently did a survey of 230 prospective home buyers between the ages of 20 and 35 and what I learned from those results surprised me. The biggest shocker was the amount Gen Y home buyers save.

Approximately half of Gen Y homebuyers can save more than $500/month, which means they could save about $6,000 in a year. If they are really disciplined and can save that amount for three years, they’ll end up with enough for a five per cent deposit on a $300,000, brand new, one bedroom condo in the city. That’s a solid starter home, and a smart investment.

Here’s the other interesting fact: about 35 per cent of Gen Y homebuyers already have between $5,000 to $20,000 saved for a down payment. They pay on average, $1,120 in rent and 60 per cent have enough disposable income after that to save even more.

There’s possibility in those numbers. There’s hope.

Let’s look at what you can get for under $300,000 in the Vancouver condo market:

Of course, the picture those numbers painted isn’t all rosy. A full 18 per cent of our respondents have no savings. But more than 80 per cent do. That’s a huge difference and what it points to is a trend that is often neglected in the real estate media.

The majority of Gen Y homebuyers have some savings and if they consider condo living, which they are doing in greater and greater numbers, they’ll be able to get into the real estate market. Check out this recent Globe and Mail story about a 26-year-old Toronto engineer who is ready for home ownership.

And then check out this recent U.S. study from the National Association of Realtors (NAR). It found millennials now account for the greatest market share of recent U.S. home purchases — a full 31 per cent of recent buys, leading all other age groups. This is despite the challenges of coming up with a down payment and debt.

In Vancouver, millennials can usually only afford condos. And while condo living is not for everyone, it’s increasingly popular for young people and not only because it’s the only thing they can afford. They like the access condos often offer to urban amenities, to a car-free lifestyle, to simplicity.

In the ongoing conversation about affordability, let’s not lose sight of the option most young people have to get into the condo market and encourage them to get moving.

Copyright © 2014 TheHuffingtonPost

Downtown Eastside dispersal plan approved by Vancouver city council

Monday, March 17th, 2014

Maria Wallstam, Tristan Markle, and Nathan Crompton
Other

After three days of public hearings, Vancouver city council has approved the Downtown Eastside local area plan. The LAP is a 30-year plan for real estate development in the Downtown Eastside, with the aim of accommodating more than 8,850 new condominium dwellers and 3,300 high income renters while dispersing at least 3,350 low-income residents out of the neighbourhood.

Councillors from the rightwing NPA and Vision Vancouver unanimously voted in favour of the plan.

A dissenting vote was cast by Adriane Carr of the municipal Greens, along with more than eighty low-income residents and their supporters. Throughout the public hearings, residents and community activists called for the protection of affordable housing, a definition of social housing that does not exclude poor people, the replacement of run-down SROs and the construction of new social housing in the Downtown Eastside. These demands circulated through a 3,000-signature petition.

The dispersal plan

Over the past decades, previous city councils under NPA and COPE have been pressured to recognize the DTES as a valuable community and a much-needed reserve of affordable housing. In the midst of a city-wide housing crisis, the high concentration of low-income affordable housing has been viewed as an asset to Vancouver, and a last stop before homelessness.

As a result of hard-won protections against the forces of the free market since the 1970s, the neighbourhood is today an affordable refuge for renters displaced from neighbourhoods across Vancouver. As Karen Ward said in her address to council last Wednesday: “We [residents] have been displaced from everywhere else, we’ve been excluded from everywhere else, and this is the first and last place we can find home.”

Until now, city policies were drafted with a principle of “revitalization without displacement” for the Downtown Eastside, reflected on paper in the 2005 DTES Housing Plan. However, the new LAP policy abandons “revitalization without displacement” both in practice and on paper.[1]

With the unanimous Vision-NPA approval of the LAP, the City has made a broad policy decision to not accommodate the total need for social housing in the downtown Eastside, but to instead disperse at least 36% of existing residents to other parts of the city through private market rent subsidies and “scattered-site” social housing. However, the new city-wide definition of social housing approved by the LAP stipulates an anti-poor definition of affordability for all scattered units. According to the definition put forward by the LAP, not one single unit of “social housing” outside the DTES will be required to rent at the welfare shelter rate.

While the plan commits to building 4,400 “social housing” units inside the DTES over the next 30 years, only 30% of these units will rent at the shelter rate. The rest of the “social housing” will rent at market rates beginning at $875 per month. This is a clear contrast to the demands by the LAP low-income caucus, identifying the need for at least 5,000 new social housing units at welfare rate in the DTES over the next five years in order to halt the current tide of displacement.

Recently the BC provincial government has joined the Harper government in announcing the termination of its social housing program in favour of free-market rent vouchers. Vision’s Local Area Plan accommodates this shift, both by eliminating a working definition of social housing, and by outlining a plan for scattered displacement.

The Downtown Eastside plan uses the two main “de-concentration” strategies identified by the Canadian Centre for Policy Alternatives: dispersal programs and social mixing. “While dispersal programs seek to decentralize and scatter lower income households into more affluent areas,” writes the CCPA, “mixed-income development programs aim to bring higher-income groups into economically disadvantaged areas.” The practice of “dispersal programs” is imported from the United States where governments have been dismantling inner-city neighbourhoods since the race riots of late 1960s.

This dispersal plan – along with displacement caused by the free market – will be implemented in traditionally Chinese neighbourhoods like Strathcona and Chinatown. Unlike the Oppenheimer district, new re-zonings for Chinatown will not stipulate any inclusionary zoning for social housing. Strathcona, for its part, will now be modelled on neighbourhoods like Shaughnessey, where high-value single-family homes are protected and social housing is prohibited. The LAP halts large market re-development in Strathcona except on existing social housing sites. The plan makes it clear that a “P3″ redevelopment of social housing at Stamps Place and McLean Park in particular is in the works.

Origins of the dispersal plan

The first iteration of the DTES redevelopment plan came during Sam Sullivan and the NPA’s EcoDensity push for towers in key areas of the city, 2005-08. During its term the NPA hired consultants to write a proposal for towers throughout the Downtown Eastside. The resulting document was called the Historic Area Height Review. When Vision came to power in November 2008, they embraced EcoDensity and the NPA’s overall DTES plan.

When the NPA-era Height Review finally came to council for approval in the spring of 2011, Vision threw its support behind condo-gentrification of the Downtown Eastside, including seven new 15-storey towers. A neighbourhood coalition opposed the tower plan because it contained no protections against the displacement of the low-income community. Advocates were particularly concerned about the social impact of condo towers in the neighbourhood, given the massive loss of low-income housing surrounding the new Woodward’s development.

In December of 2010, the high profile author of the original Height Review, Ray Spaxman, came out publicly against the tower plan. Spaxman, former director of planning for the City of Vancouver, told The Mainlander that, “by talking only about height instead of density and people, the City risks overlooking the social implications of development.”

On January 20th, 2011, over 80 residents signed up to speak against rent-hikes and displacement at the Height Review public hearing. At 4a.m. the night before the hearing, Vision made a decision to split the tower plan into two parts. On the one hand, Vision resolved to move forward with the the five towers proposed for Chinatown, including condo developments by Westbank, Bosa, and Solterra that are all now under construction. Vision stated that it was their prerogative to move forward “boldly and decisively” with the condo-gentrification of Chinatown, to use the words of Councillor Raymond Louie.

On the other hand, Vision deferred the approval of two towers on Hastings and Pender streets. The larger tower was a proposal by Rob MacDonald, who then became the chief fundraiser for the NPA’s 2011 campaign. (The deferred rezoning for both of these properties has now been passed with the approval of the LAP). At the meeting on January 20th, 2011 Vision also voted to create an advisory committee to launch a Local Area Plan for the entire DTES neighbourhood, which initiated the LAP as we know it today. One of the co-chairs of the new LAP committee was Ray Spaxman and the other a representative from the Downtown Eastside Neighbourhood Council.

This apparent concession to the low-income fight back against the tower plan should be seen in the broader context of Vision’s city-wide gentrification agenda in the spring of 2011. At that time the City was launching a “local area plan” processes in four rental neighbourhoods in order to create a framework for approving large-scale condo developments. The four neighbourhoods were Marpole, Commercial Drive, the West End, and the Downtown Eastside.

After three years of planning beginning in January 2011, five of the original seven towers in Chinatown are already underway, and this week the remaining two were also approved: two special “higher building sites” at 425 Carrall Street and 99 West Pender with zero social housing requirement in each. In addition, Vision secured policies for many more condo developments along the Hastings Corridor. Where the NPA failed to deliver to the real estate industry, Vision has succeeded.

Definition of social housing

While the LAP opens up most of the Downtown Eastside and Chinatown to condo development, the policy designating the Oppenheimer district (DEOD) as a rental-only zone preoccupied much of the debate at City Hall last week. The effectiveness of the rental-only zone hinged on the new proposed definition of social housing.

The plan presented to council on Wednesday recommended redefining social housing such that an entire development counts as social housing so long as 30% of tenants are in “core need,” even if the remaining two-thirds are at market rents. However, even the one-third core-need wasn’t intended for low-income people. As pointed out at The Mainlander, so-called core need is actually defined as market rental, at $875 per month. This policy meant that there would be no guaranteed provision of welfare rate social housing in the DEOD.

Responding to pressure, councillor Andrea Reimer made a last-minute decision to backtrack on the definition of “social housing” in most of the DTES. The amended definition reads that social housing is rental housing

in which at least one third of the dwelling units are occupied by persons eligible for either income assistance or a combination of old age security pension and Guaranteed Income Supplement and are rented at rates no higher than the shelter component of Income Assistance.

This amended definition means that in any “social housing” units built in the Downtown Eastside, 1/3rd of the units will rent at shelter rate and 2/3rd of units will rent at undefined market rate. However, this remains a huge set-back from the original definition of social housing prior to the LAP, which targeted 100% of social housing units toward “senior citizens, handicapped persons or individuals or families of low income.” Further, it is logically absurd to define “social housing” as 30% social housing.

In the Oppenheimer District, where the 60/40 rezoning policy will be implemented, the percentage of social housing at welfare rate shifted on Saturday from being a target to a legally binding bylaw. However, the remaining two-thirds of the 60% social housing component will be at average market rents and the 40% market component has no caps on upper rent limits.

This means that the end of the day, at least 80% of all new housing in DEOD will be market priced gentrification. This will be still be sufficient to cut into developer profit margins and slow the rate of gentrification – but it will not be enough to stop the process of gentrification and displacement. If nothing else it will buy the DEOD community more time to build a plan, strengthen their resolve, and mount a renewed campaign against the LAP on behalf of the DTES as a whole. Outside of the Oppenheimer District, social housing requirements are minimal so the amount of welfare-rate housing will be much less than 7%.

On Saturday councillor Adrianne Carr’s proposed that the definition of social housing mean, simply, housing renting at the welfare shelter rate. Vision and the NPA voted down Carr’s motion.

Throughout the hearings the low-income community argued for strong housing and zoning requirements capable of counter-balancing the gentrification-effect. Gentrification causes the loss of affordable rental housing. Unless the threshold of inclusionary zoning and new social housing is sufficiently high, affordable housing is sacrificed to upscaling, demolitions and rental conversions. This process has been underway in the DTES for a few years, and most recently in the DEOD.

The LAP weakens existing protections for affordable and social housing and is therefore expected to worsen the housing crisis.

Soon to be published at The Mainlander: keep your eyes open for the text of speeches made by community members at City Hall over the past week. If you would like us to publish your speech, please email it to [email protected]

Footnote:

[1] The term “revitalization without displacement” is mentioned only once in the 300-page Local Area Plan. Although 36% of Downtown Eastside residents who need social housing will be dispersed across the city, on page 51 the authors of the LAP argue that the “revitalization without displacement” principle is upheld in a “city-wide context” because tenants will remain within the city. This is a subversion of the concept of “no displacement” in planning documents throughout the 2000s, which has always referred to not being displaced from one’s home and neighbourhood.

© 2010-2014 The Mainlander

Real estate association trims 2014 home sales forecast as year off to slow start

Monday, March 17th, 2014

Canadian Real Estate Association trims its sales forecast for this year, as home sales rose only slightly in February compared with a month earlier.

Other

OTTAWA—The Canadian Real Estate Association has trimmed its sales forecast for this year even as home sales in February rose slightly compared with the previous month.

In a new forecast of Canada’s closely watched housing market, the association says 2014 is off to a slower start than many years but there’s no sign of a crash and predicts activity will pick up.

CREA sees resales trending higher this spring, riding the wind of slightly lower mortgage rates, but levelling off in the second half of 2014 when rates are expected to firm slightly.

However, even then, the expanding economy will likely continue to support housing, the association said Monday in an update to its December forecast.

The association now forecasts sales in 2014 will total about 463,700 units, slightly below the 475,000 projection in December, but still above last year’s 457,893 sales.

“Marginally higher mortgage rates are likely to counterbalance the lift provided by stronger economic and continuing job growth, and restrain the momentum of sales activity,” said Gregory Klump, the association’s chief economist.

Sales through the Multiple Listing Service in February were up were up 0.3 per cent from January and up 1.9 per cent compared with a year ago.

The national average price for a home sold last month was $406,372, up 10.1 per cent from a year ago, boosted by a pick up in sales in the pricey Vancouver market.

February’s increase in home resales broke a streak of five straight monthly declines.

TD Bank economist Diana Petramala says Canada’s housing market is moderating, although that hasn’t been reflected in prices — as yet. She says that will likely happen next.

“Overall, sales are likely to continue at their current, sustainable pace while rising listings (of homes for sale) will help deflate price pressures over the next few years,” Petramala said.

© Copyright Toronto Star Newspapers Ltd.

Vancouver council approves Oakridge Centre rezoning

Friday, March 14th, 2014

Kristen Moran
Van. Courier

The hotly debated Oakridge Centre redevelopment rezoning was passed by city council Friday after three days of public hearings.

All Vision Vancouver councillors voted in favour of the proposal. NPA councillors George Affleck and Elizabeth Ball and Green Party Coun. Adriane Carr voted against it.

The project will include 11 residential towers between 19 and 44-storeys in height and bring massive change to the landscape of one of Vancouver’s most central neighbourhoods.

Continued from public hearings on Monday and Tuesday, Friday’s session rounded out the bulk of the 138 speakers who appeared during the three days to voice their opinions to mayor and council. Although there was a mix of speakers in favour and opposed throughout the ongoing public hearings, a majority of speakers Friday afternoon mounted a last ditch defence against the project.

Resident Carey Murphy said the deviation from the 2007 policy for the area is too significant and said that what the proposal does to the owners of the Terraces residential complex at Oakridge Centre is “just shameful.”

Marine Gardens resident Charlene Gunn spoke on numerous issues related to the increase in density, such as the need for more schools and police and fire services.

“Oakridge and Marpole aren’t just pieces of land with investment potential, they are communities,” said Gunn.

Applause greeted Gun from spectators gathered both in and outside council chambers at city hall.

When all scheduled speakers had their chance, Mayor Gregor Robertson asked if anyone else would like to speak and added another six people to the roster.

With the speaker’s list exhausted, city councillors questioned staff about the questions brought up by speakers and through correspondence. Key issues remained a controversial proposed rooftop park and the seniors facility.

© Vancouver Courier

Tempo 7720 Alderbridge Way, Richmond 237 units in a mid rise by Amacon

Thursday, March 13th, 2014

Tempo is condo living taken up a notch

Other

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